Prolonged Correction In ON Semiconductor Prompts Vetr To Issue Upgrade

The Vetr crowd upgraded their rating for ON Semiconductor Corp ON on Wednesday from 2.5 stars (Sell), issued two days ago, to 4.5 stars (Strong Buy). Crowd sentiment at the time of the downgrade was mixed, with 50 percent of user ratings bullish.

ON has performed steadily over the course of 2017, making gains of more than 25 percent, reaching the $16 mark by mid-February off of a bullish upgrade by analysts with Goldman Sachs and a solid Q4 earnings report. Shares spent the rest of February into April correcting slightly to around $15.

The stock took another slight hit on April 11 following a downgrade from Credit Suisse who moved the stock from Outperform to Underperform.

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Currently, the Vetr crowd's average target price for ON Semiconductor is up at $16.85, which is above the average analyst target price of $15.50. Less than 2 percent of Vetr users are holding ON in their watch lists.