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UPDATE: Morgan Stanley Reiterates On ON Semiconductor Following Acquisition Announcement

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Mike Khouw Sees Unusual Options Activity In ON Semiconductor
UPDATE: Morgan Stanley Reiterates On ON Semiconductor On Shift In Capital Allocation

In a report published Tuesday, Morgan Stanley analyst Craig Hettenbach reiterated an Underweight rating on ON Semiconductor (NASDAQ: ONNN), but removed the $8.00 price target.

In the report, Morgan Stanley noted, “After getting the acquired SANYO business close to break-even, ON announced a $400mn acquisition yesterday in the competitive image sensor space. Investors are clearly enthusiastic about accretive deals, although the margin profile and end market mix may be questioned here. We are Underweight ONNN due to lower growth and less operating leverage relative to peers.”

ON Semiconductor closed on Monday at $8.98.

Latest Ratings for ONNN

DateFirmActionFromTo
Oct 2014Pacific CredtDowngradesOutperformSector Perform
Sep 2014JP MorganDowngradesOverweightNeutral
Sep 2014BairdDowngradesOutperformNeutral

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Posted-In: Craig Hettenbach Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

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