Wedbush Morgan Maintains a 'Buy' on ON Semiconductor (ONNN), Raises Price Target
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Wedbush Morgan maintains a 'Buy' on ON Semiconductor (Nasdaq: ONNN), raises price target to $5.
Wedbush analyst says, "Despite the pre-announcement, we continue to favor shares of ON Semi and think the stock has been excessively punished (-41% in 4Q versus NASDAQ of -23%). With ~$450mn in cash and management’s aggressive stance in cost cutting, we think ON’s healthy FCF generation will prove robust despite ongoing macro weakness...Given our most recent checks and commentary from peers, it is no surprise that management believes 1Q09 will prove to be another challenging quarter as visibility remains poor."
ON Semiconductor Corporation is a global supplier of power and data management semiconductors and standard semiconductor components.
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