ON Semiconductor (ON): Accretive FCS Acquisition Closes Bringing Focus To Post Synergy EPS - Mizuho
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Mizuho Securities analyst, Vijay Rakesh, reiterated his Buy ON Semiconductor (NASDAQ: ON) after the company closed the FCS acquisition, approximately 10 months after the deal was initially announced and one month later than planned. The deal is immediately accretive to non-GAAP EPS.
The combined ON/FCS has a diversified mix with key strength in auto, industrial and communications that can conservatively post ~$1.15 in F17E EPS, with an additional $0.38 of cost synergies incremental for F18E EPS.
No change to the price target of $16.
Shares of ON Semiconductor closed at $11.52 yesterday.
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