ON Semiconductor Successfully Completes Acquisition of Fairchild Semiconductor for $2.4 Billion in Cash
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Jefferies Raises Price Target on ON Semiconductor (ON) Following Acquisition Completion
September 20, 2016 8:01 AM EDTJefferies reiterated a Hold rating on ON Semiconductor (NASDAQ: ON), and raised the price target to $13.00 (from $10.50), following the company's announcement that it has completed its acquisition of FCS for $2.4b in cash. Management expects the acquisition to be $0.20 accretive in 2017. In 2018/2019, management expects... More
Jefferies Raises Price Target on ON Semiconductor (ON) Following Acquisition Completion
September 20, 2016 8:00 AM EDTJefferies reiterated a Hold rating on ON Semiconductor (NASDAQ: ON), and raised the price target to $13.00 (from $10.50), following the company's announcement that it has completed its acquisition of FCS for $2.4b in cash. Management expects the acquisition to be $0.20 accretive in 2017. In 2018/2019, management expects... More
Deutsche Bank Reinstates ON Semiconductor (ON) at Buy
September 20, 2016 7:11 AM EDTDeutsche Bank reinstated coverage on ON Semiconductor (NASDAQ: ON) with a Buy rating and a price target of $15 following the closure of its acquisition of FCS.
Analyst Ross Seymore said, "Following closure of the acquisition of FCS earlier today, we... More
S&P Downgrades ON Semiconductor (ON) to 'BB' Following Fairchild Semi Deal Closure
September 19, 2016 11:52 AM EDTS&P Global Ratings today said it lowered its corporate credit rating on ON Semiconductor Corp. (Nasdaq: ON) to 'BB' from 'BB+' and removed it from CreditWatch, where we had placed it with negative implications on Nov. 18, 2015. The outlook is stable.
At the same time, we lowered our issue-level rating on the company's $690 million senior unsecured convertible notes due 2020 to 'BB-' from 'BB+' and revised the recovery rating to '5' from '3'. The '5' recovery rating indicates our expectation for modest... More
