Evercore Partners Maintains Overweight, $9 PT on ON Semiconductor
Evercore Partners reiterates its Overweight rating and $9 price target on ON Semiconductor (NASDAQ: ONNN) order patterns are seen to bottom out on 1Q and then inflect on 2Q.
Evercore Partners note, " Order patterns continue to show signs of bottoming (flat MoM since Nov), but all signs point to a bottom in 1Q. That said, mgmt has not yet seen evidence of an inflection and doesn't expect to until CNY passes. Mgmt currently expects 2Q to be a key quarter with (1) the inventory reductions complete, (2) an inflection in demand leading to (3) higher utilizations, but admits CNY has clouded visibility into true demand."
ONNN closed at $8.33 per share on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.