Jefferies Upgrades ON Semi (ONNN) to Buy
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Price: $7.19 -1.24%
Rating Summary:
8 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
8 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Jefferies upgraded ON Semi (NASDAQ: ONNN) from Hold to Buy with a price target of $9.50.
The firm said, "We view ONNN's 14% underperformance vs. SOX since July 1 (31% decline vs 17% for the SOX) as an overshoot, and believe there is 25% upside to the stock from current levels. We think the set up is good on three dimensions: 1) product cycles in PCs and autos, 2) gross margin expansion, and 3) the company is early to the earnings confessional. We lower our estimates to account for some more cuts, but keep our $9.50 price target."
For more ratings news on ON Semi click here and for the rating history of ON Semi click here.
Shares of ON Semi closed at $6.87 yesterday.
The firm said, "We view ONNN's 14% underperformance vs. SOX since July 1 (31% decline vs 17% for the SOX) as an overshoot, and believe there is 25% upside to the stock from current levels. We think the set up is good on three dimensions: 1) product cycles in PCs and autos, 2) gross margin expansion, and 3) the company is early to the earnings confessional. We lower our estimates to account for some more cuts, but keep our $9.50 price target."
For more ratings news on ON Semi click here and for the rating history of ON Semi click here.
Shares of ON Semi closed at $6.87 yesterday.
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