Deutsche Bank Reinstates ON Semiconductor (ON) at Buy
- Health, tech stocks extend Wall Street record-setting rally
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Deutsche Bank reinstated coverage on ON Semiconductor (NASDAQ: ON) with a Buy rating and a price target of $15 following the closure of its acquisition of FCS.
Analyst Ross Seymore said, "Following closure of the acquisition of FCS earlier today, we reinstate coverage of ON with a Buy rating. We applaud the strategic sense of the combination, and we believe that with favorable end-market exposure, achievable cost synergies, and a reasonable valuation, the new ON stands as a compelling selfhelp story amid elevated valuations in the semiconductor sector. Believing (with some conservatism) that the co can achieve its targeted cost synergies and deleveraging goals, we update our 2016/17 rev/EPS ests, introduce our 2018E, and establish a T/P of $15."
Shares of ON Semiconductor closed at $11.52 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- Broadcom Ltd. (AVGO): Another Beat And Raise - Drexel Hamilton
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesDeutsche Bank, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!