Citi Maintains 'Buy' Rating on ON Semiconductor (ONNN), Removes from Top Picks Live List
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Citi maintains 'Buy' rating on ON Semiconductor (Nasdaq: ONNN), removes from Top Picks Live list. Price target $14.
Citi analyst says, "To be clear we are not ruling out modest trading rallies near term. That said, we would use such strength to tactically lighten up rather than accumulate as working capital management pressure and post-holiday excess finished inventory risks are likely to give the group the same tough trading dynamic as seen in late-4Q07 and early 1Q08. In this regard we continue to ease back on stocks as risk/reward becomes un-attractive, and we downgrade RFMD to Hold from Buy (up 23% QTD) given 6% upside to our new target. We also remove ONNN from Top Picks Live (up 60% in 2Q08, -10% 3Q08TD), not due to a lack of confidence in company-specifics, but because negative sector news flow is likely to preclude the stock from working well near term."
ON Semiconductor Corporation is a global supplier of power and data management semiconductors and standard semiconductor components.
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