Evercore Group is Awaiting Confirmation That ON Semiconductor Corp. Has Turned the Corner

In a report published Friday, Evercore Group analyst Patrick Wang reiterated an Equal-Weight rating and $8.00 price target on ON Semiconductor Corp. ONNN. In the report, Evercore Group noted, “Although ON printed a solid beat and raise and SANYO (now SSG) stabilized and achieved B/E, we await further confirmation that ON has actually turned the corner. Core EPS growth still remains non-existent, the GM expansion / leverage story could underwhelm, and the stock is already trading at the upper-end of its 52w range. We look to get more constructive if ON can string together multiple quarters of outperformance. Maintain EW.” ON Semiconductor Corp. closed on Thursday at $8.32.