ON Semiconductor Corp. Price Target Cut to $8.00 by Analysts at Raymond James (ONNN)
Stock analysts at Raymond James dropped their price objective on shares of ON Semiconductor Corp. (NASDAQ:ONNN) from $10.00 to $8.00 in a report issued on Thursday, AmericanBankingNews.com reports. The firm currently has an “outperform” rating on the stock. Raymond James’ price target would indicate a potential upside of 14.29% from the company’s current price.
ON Semiconductor Corp. (NASDAQ:ONNN) traded up 2.49% during mid-day trading on Thursday, hitting $7.00. 10,730,906 shares of the company’s stock traded hands. ON Semiconductor Corp. has a 1-year low of $5.70 and a 1-year high of $8.73. The stock has a 50-day moving average of $7.35 and a 200-day moving average of $7.8. The company’s market cap is $3.149 billion.
ON Semiconductor Corp. (NASDAQ:ONNN) last announced its earnings results on Thursday, August 1st. The company reported $0.13 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.13. The company had revenue of $688.30 million for the quarter, compared to the consensus estimate of $696.10 million. During the same quarter last year, the company posted $0.14 earnings per share. ON Semiconductor Corp.’s revenue was down 7.6% compared to the same quarter last year. On average, analysts predict that ON Semiconductor Corp. will post $0.55 earnings per share for the current fiscal year.
A number of other firms have also recently commented on ONNN. Analysts at Morgan Stanley initiated coverage on shares of ON Semiconductor Corp. in a research note to investors on Friday, August 16th. They set an “underweight” rating on the stock. Separately, analysts at Wedbush cut their price target on shares of ON Semiconductor Corp. from $10.00 to $9.00 in a research note to investors on Monday, August 5th. They now have an “outperform” rating on the stock. Finally, analysts at Susquehanna cut their price target on shares of ON Semiconductor Corp. from $10.00 to $9.00 in a research note to investors on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. ON Semiconductor Corp. has an average rating of “Buy” and an average target price of $9.34.
ON Semiconductor Corporation (NASDAQ:ONNN) designs, manufactures and markets a portfolio of semiconductor components that address the design needs of electronic systems and products.
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