UPDATE: Jefferies Reiterates Buy Rating, Raises PT on ON Semiconductor on 4Q EPS

In a report published Friday, Jefferies reiterated its Buy rating on ON Semiconductor Corp. ONNN, and raised its price target from $8.00 to $10.00. Jefferies noted, “ONNN posted 4Q EPS of $0.08, $0.01 better than consensus, and the 1Q13 outlook was in line to better than expectations. More importantly, the uptick in orders ONNN saw in October continued into the MarQ. The Book-to-Bill for 1Q is >1 so far, and it is now seeing orders for 3Q. Lead times are starting to extend, which we think will translate to upside surprises in CY13. Reiterate Buy.” ON Semiconductor Corp. closed on Thursday at $8.19.