Evercore Partners Maintains Overweight, $9 PT on ON Semiconductor

Evercore Partners reiterates its Overweight rating and $9 price target on ON Semiconductor 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.