Deutsche Bank Reports on ON Semiconductor (ONNN)

Deutsche Bank commented on ON Semiconductor ONNN in a report released yesterday. In the report, Deutsche Bank was positive in its assessment of the company. Deutsche Bank writes, “Looking forward, ONNN management believes that 2Q core rev will benefit from strength in Computing and Industrial, with incremental upside coming from handsets. While the Japan impact on 1Q is a $50m hit to revenue, this is off of what 2Q revenue would have otherwise been, not a sequential comparison vs. 1Q. Consequently, ONNN's aggregate guidance for +1% q/q growth break's down into a +4-5% q/q rise in ONNN's core business and a -7% q/q drop in its Sanyon segment. Overall, we found ONNN mgmt to be constructive on business trends for 2Q and 3Q.” Deutsche Bank has a Buy rating on ON Semiconductor and a price target of $15.00. Shares of the company closed the trading day at $11.79, down $0.16 from the opening bell.