ON Semi (ONNN) PT Raised to $13 at Wedbush Following CES Meetings, Confirmed SnapDragon Win from IDTI

Wedbush lifted its price target on Outperform ON Semi (NASDAQ: ONNN) to $13.00 (from $10.00) following an upbeat management meeting at CES. The firm noted a seasonal Q1 and confirms win of wireless charging reference design in SnapDragon 810 from Integrated Device Technology (NASDAQ: IDTI).

Van Hess commented, "We came away incrementally more positive on ONNN following our upbeat meeting yesterday with CEO Keith Jackson and CFO Bernard Gutmann at the Consumer Electronics Show (CES) in Las Vegas, NV. ONNN saw seasonal trends continue in the months of November and December, with expectations for Q1 to be in line with seasonal trends, even for handsets. ONNN noted that lead times have been fairly stable, with distribution and channel inventory pretty lean. Management also confirmed that it has won the Snapdragon 810 wireless charging (transmitter and receiver) reference design from incumbent IDTI."

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 $9.96 yesterday.

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