Deutsche Bank Reinstates ON Semiconductor (ON) at Buy

September 20, 2016 7:11 AM EDT
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Price: $11.71 -1.68%

Rating Summary:
    9 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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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."

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

Shares of ON Semiconductor closed at $11.52 yesterday.

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