BofA Securities Double Upgrades ON Semiconductor (ON) to Buy
- Dow hits milestone, S&P breaks record high on tech rally
- Thermo Fisher Scientific (TMO) to Acquire PPD, Inc. (PPD) for $47.50/sh, $17.4 Billion
- U.S. retail sales post largest gain in 10 months; weekly jobless claims fall
- Dell (DELL) Gains on Spin-Off of its 81% Stake in VMware (VMW), Analysts Bulled-Up as It Could Unlock $20 Per Share of Value for DELL
- The Stock Market is Almost 'Completely Broken' - Einhorn
(Updated - March 1, 2021 6:32 AM EST)
BofA Securities analyst Vivek Arya upgraded ON Semiconductor (NASDAQ: ON) from Underperform to Buy with a price target of $48.00 (from $32.00).
The analyst comments "In conjunction with our global autos primer that highlights EV/AV megatrends driving the auto market, we double upgrade key vendor ON to Buy from Underperform, on rising auto content and restructuring tailwinds. We expect ON’s relatively new CEO and CFO to leverage their past turnaround experience, to exit unprofitable areas, drive a more asset-lite model and raise margins, similar to the 900bps+ expansion in GM and 2x+ in FCF% management achieved in their prior role at Cypress. We are late to recognizing ON’s turnaround potential, but we still see potential for another 20%+ stock upside as management makes the case for turnaround at their upcoming Aug-5 analyst day."
Shares of ON Semiconductor closed at $40.27 yesterday.
You May Also Be Interested In
- UPDATE: UBS Upgrades Terex (TEX) to Buy
- UPDATE: UBS Upgrades Oshkosh (OSK) to Buy
- UPDATE: Goldman Sachs Starts Editas Medicine (EDIT) at Sell, Cautious on Lead Drugs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!