FBR Capital Maintains an 'Outperform' on ON Semi (ONNN); Distributor Checks Point to Some Sector Stability
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Price: $11.70 --0%
Rating Summary:
7 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
7 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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FBR Capital maintains an 'Outperform' on ON Semi (NASDAQ: ONNN), PT $17.
FBR analyst says, "Following channel checks with U.S.- and Asian-based chip distributors we conclude that: (1) the sector is generally showing signs of stability; (2) sector revenues should seasonally grow in 3Q11 despite Japanese supply chain impacts; and (3) there has been no meaningful falloff seen in industrial or automotive demand yet, despite better-than-expected shipments in late 2010 and early 2011. For ON Semi, we believe 2Q11 revenues are tracking in the upper half of guidance of $860M–$900M (–1% to +3% QOQ), with EPS likely in line to slightly better than the Street's $0.27. For 3Q11, we think revenues will be guided to grow to $890M–$930M, about in line with the somewhat aggressive Street estimate of $918M."
For more ratings news on ON Semi click here and for the rating history of ON Semi click here.
Shares of ON Semi closed at $10.16 yesterday.
FBR analyst says, "Following channel checks with U.S.- and Asian-based chip distributors we conclude that: (1) the sector is generally showing signs of stability; (2) sector revenues should seasonally grow in 3Q11 despite Japanese supply chain impacts; and (3) there has been no meaningful falloff seen in industrial or automotive demand yet, despite better-than-expected shipments in late 2010 and early 2011. For ON Semi, we believe 2Q11 revenues are tracking in the upper half of guidance of $860M–$900M (–1% to +3% QOQ), with EPS likely in line to slightly better than the Street's $0.27. For 3Q11, we think revenues will be guided to grow to $890M–$930M, about in line with the somewhat aggressive Street estimate of $918M."
For more ratings news on ON Semi click here and for the rating history of ON Semi click here.
Shares of ON Semi closed at $10.16 yesterday.
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