UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on ON Semiconductor Corp.

In a report published Friday, Wedbush Securities reiterated its Outperform rating on ON Semiconductor Corp.

, and slightly raised its price target from $8.00 to $9.00. Wedbush Securities noted, “We maintain our upbeat view on ON Semiconductor (ONNN) following our meeting with CEO Keith Jackson and CFO Bernard Gutmann at the Consumer Electronics Show (CES) in Las Vegas, NV. Management reiterated that its plan to ‘fix' Sanyo remains on track and, while visibility is low with lead times of just 8 weeks, Q1 revenue should be in line with seasonal patterns with Q2 potentially being the turnaround quarter that the semiconductor industry has been patiently waiting for.” ON Semiconductor Corp. closed on Thursday at $7.63.