Needham & Company Maintains a 'Hold' on ON Semi (ONNN); Bottom Reached as Q1 Tops
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Price: $11.70 --0%
Rating Summary:
7 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Hold' on ON Semi (NASDAQ: ONNN).
Analyst Vernon Essi, Jr, "ONNN reported Q1 results that were above expectations and guided Q2 below consensus. To anyone in tune to ONNN the
conjecture on the print was as expected: a bottom has been reached, conditions are modestly improving and there is a lot of recovery still under way with the Sanyo setbacks last year. With backlog up Q/Q and very low distributor inventories, ONNN’s positioning improves to capitalize on the recovery. Management even commented that if revenue was recognized on “sell-in”
as opposed to “sell-through” the Q2 revenue guidance would have been up 9% Q/Q instead of flat. Though consensus estimates are too high near-term, in our opinion, we would not expect any longer-term estimate cuts, with the tone to be
relatively “in-line” overall going forward."
"We adjusted our 2012 revenue/EPS from $3.16B/$0.57 to $3.15B/$0.50 and our 2013 revenue/EPS from $3.47B/$0.85 to $3.50B/$0.85."
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 $8.31 yesterday.
Analyst Vernon Essi, Jr, "ONNN reported Q1 results that were above expectations and guided Q2 below consensus. To anyone in tune to ONNN the
conjecture on the print was as expected: a bottom has been reached, conditions are modestly improving and there is a lot of recovery still under way with the Sanyo setbacks last year. With backlog up Q/Q and very low distributor inventories, ONNN’s positioning improves to capitalize on the recovery. Management even commented that if revenue was recognized on “sell-in”
as opposed to “sell-through” the Q2 revenue guidance would have been up 9% Q/Q instead of flat. Though consensus estimates are too high near-term, in our opinion, we would not expect any longer-term estimate cuts, with the tone to be
relatively “in-line” overall going forward."
"We adjusted our 2012 revenue/EPS from $3.16B/$0.57 to $3.15B/$0.50 and our 2013 revenue/EPS from $3.47B/$0.85 to $3.50B/$0.85."
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 $8.31 yesterday.
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