ON Semi (ONNN) PT Raised to $15 at Susquehanna on Upbeat Analyst Day

Susquehanna analyst Chris Caso reiterated a Positive rating and boosted his price target on ON Semi (NASDAQ: ONNN) to $15.00 (from $13.00) following the company's constructive analyst day.

Caso commented, "ONNN’s analyst day struck a constructive tone. We don’t think the revenue opportunities or the margin targets the company discussed were terribly surprising, or different from their earlier commentary. But carrying that through 2017, and absent the detours that ONNN has taken in the past, the company feels they can achieve EPS of about $1.50 by 2017, which doesn’t require exceptional top-line growth. If the company continues on its steady path, we think that’s an achievable goal, particularly in light of EPS accretion as the company uses free cash flow to buy back stock. In total, we get the sense that ONNN is now attempting to reap the rewards of the strategic actions from the past several years – we think this now allows the stock to be valued on the basis of higher earnings power than the stock has been valued in the past."

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 $12.86 yesterday.

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