Canaccord Genuity Reiterates a 'Buy' on ON Semi (ONNN); Conservative Guidance

August 3, 2012 9:50 AM EDT
Get Alerts ONNN Hot Sheet
Price: $11.70 --0%

Rating Summary:
    11 Buy, 9 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Canaccord Genuity reiterates a 'Buy' on ON Semi (NASDAQ: ONNN) price target of $8.00 (from $11.00).

Analyst, Bobby Burleson, said, "We reiterate a BUY for ONNN as a weak outlook was expected and guidance for Q3 appears conservative. We see potential for upside as distribution sell-through picks up later in the quarter, ahead of new product launches from wireless and consumer customers. We note that any pick-up from China stimulus on consumer white goods, etc., would drive incremental demand to the company's outlook. Headcount reductions and other cost controls, as well as benign ASP pressure, should continue to support margins."

"Our price target is reduced on lowered estimates, yet still reflects healthy upside from current levels."

For an analyst ratings summary and ratings history on ON Semi click here. For more ratings news on ON Semi click here.

Shares of ON Semi closed at $6.84 yesterday.

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