UPDATE: FBR Reiterates Outperform Rating, Lowers PT on ON Semiconductor

In a report published Monday, FBR & Co. reiterated its Outperform rating on ON Semiconductor

, but lowered its price target from $12.00 to $10.00. FBR noted, “For ON Semi, we think 2Q12 revenues tracked near the low end of revenue guidance of $745 million to $785 million, worse than the Street's $765 million. For 3Q12, we think the firm can guide revenues to $760 million to $800 million, worse than the Street's $810 million due to sluggishness in the PC sector and some deterioration in the industrial and automotive sectors. We remain constructive on ONNN at these attractive valuations as investors should have visibility into $0.75 of run-rate EPS in 2013, and with shares still discounting substantial bad news.” ON Semiconductor closed on Friday at $6.52.