Wedbush Upgrades ON Semi (ONNN) to Outperform; Poised for Strong Secular Growth & GM Expansion
ONNN Hot Sheet
Rating Summary:11 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 22 | Down: 8 | New: 36
Wedbush upgraded ON Semi (NASDAQ: ONNN) from Neutral to Outperform, price target raised from $10 to $12.50.
Wedbush analyst says, "While we had expected ONNN to benefit from the overall growth of the semiconductor industry given its very broad exposure, we are seeing better-than-expected pro forma gross margin expansion tailwinds as the company’s Sanyo business recovers from the Thailand floods above our prior expectations and tighter control of OpEx driving a faster-than-expected return to bottom-line growth and leverage in the model...We recommend investors buy the shares."
Wedbush raises FY12 EPS estimate from $0.60 to $0.67 and FY13 from $0.91 to $1.05.
For an analyst ratings summary and ratings history on ON Semi click here. For more ratings news on ON Semi click here.
Shares of ON Semi closed at $9.12 yesterday, with a 52 week range of $6.53-$11.87.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
Wedbush analyst says, "While we had expected ONNN to benefit from the overall growth of the semiconductor industry given its very broad exposure, we are seeing better-than-expected pro forma gross margin expansion tailwinds as the company’s Sanyo business recovers from the Thailand floods above our prior expectations and tighter control of OpEx driving a faster-than-expected return to bottom-line growth and leverage in the model...We recommend investors buy the shares."
Wedbush raises FY12 EPS estimate from $0.60 to $0.67 and FY13 from $0.91 to $1.05.
For an analyst ratings summary and ratings history on ON Semi click here. For more ratings news on ON Semi click here.
Shares of ON Semi closed at $9.12 yesterday, with a 52 week range of $6.53-$11.87.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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