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Analysts at Morgan Stanley increased their price target on shares of ON Semiconductor Corp. (NASDAQ:ONNN) from $6.50 to $7.00 in a research report issued to clients and investors on Friday, Analyst RN reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price points to a potential downside of 22.52% from the company’s current price.

The analysts wrote, “The improvement in ON’s business is encouraging, although [that] should not prove that surprising given the company’s bullish tone earlier this year at CES. The SANYO business (now called SSG) was break-even in the quarter, representing an important milestone. That said, we expect only modest improvement in SSG profitability in absence of stronger revenue growth. At the same time, the company is reinstating variable comp for the core ON business, which will offset some of the opex savings expected in SSG. Net, net, while ON’s business is showing initial signs of recovery, we remain Underweight relative to other names in our universe that have stronger growth prospects and/or operating leverage.”

A number of other firms have also recently commented on ONNN. Analysts at Susquehanna raised their price target on shares of ON Semiconductor Corp. to $11.00 in a research note to investors on Friday. Separately, analysts at FBR Capital Markets upgraded shares of ON Semiconductor Corp. to a “top pick” rating in a research note to investors on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $9.45.

ON Semiconductor Corp. (NASDAQ:ONNN) traded up 8.59% during mid-day trading on Friday, hitting $9.035. The stock had a trading volume of 29,480,828 shares. ON Semiconductor Corp. has a 52-week low of $6.80 and a 52-week high of $9.27. The stock’s 50-day moving average is $8.40 and its 200-day moving average is $7.59. The company’s market cap is $4.015 billion.

ON Semiconductor Corp. (NASDAQ:ONNN) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. The company had revenue of $718.00 million for the quarter, compared to the consensus estimate of $691.29 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts expect that ON Semiconductor Corp. will post $0.70 EPS for the current fiscal year.

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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