Needham & Company Cuts Estimates on ON Semi (ONNN); Q2 Light; CFO Bolts
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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, said, "ONNN reported Q2 results that were light on revenue and GAAP earnings while guiding for a flat Q3 which was about 8% below consensus estimates. Further cost cuts are planned at the legacy ON Semi business to augment those taken at the SANYO facility in Q2 to align costs with both culled product lines and share losses. CFO Colvin announced his resignation and will stay on for a 90 day transition while a replacement search is conducted. As usual the channel environment is very thin and ON is ready to capitalize on the upturn, whenever that may occur. We see no reason to change our thesis on ONNN shares – they will remain Hold rated until we see a clear path towards a recovery as we don’t believe ONNN has proven that it can outperform the cyclical tides of the semi industry."
"We lower our 2012 revenue/EPS from $3.15B/$0.60 to $3.0B/$0.50 and our 2013 revenue/EPS from $3.50B/$0.85 to $3.22B/$0.65."
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 $6.84 yesterday.
Analyst, Vernon Essi, Jr, said, "ONNN reported Q2 results that were light on revenue and GAAP earnings while guiding for a flat Q3 which was about 8% below consensus estimates. Further cost cuts are planned at the legacy ON Semi business to augment those taken at the SANYO facility in Q2 to align costs with both culled product lines and share losses. CFO Colvin announced his resignation and will stay on for a 90 day transition while a replacement search is conducted. As usual the channel environment is very thin and ON is ready to capitalize on the upturn, whenever that may occur. We see no reason to change our thesis on ONNN shares – they will remain Hold rated until we see a clear path towards a recovery as we don’t believe ONNN has proven that it can outperform the cyclical tides of the semi industry."
"We lower our 2012 revenue/EPS from $3.15B/$0.60 to $3.0B/$0.50 and our 2013 revenue/EPS from $3.50B/$0.85 to $3.22B/$0.65."
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 $6.84 yesterday.
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