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ON Semiconductor Corp (NASDAQ:ONNN) was upgraded by MKM Partners from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $13.00 price objective on the stock, up from their previous price objective of $9.75. MKM Partners’ price target would indicate a potential upside of 35.70% from the company’s current price. The analysts noted that the move was a valuation call.

ON Semiconductor Corp (NASDAQ:ONNN) traded up 2.48% on Tuesday, hitting $9.8175. The stock had a trading volume of 2,760,798 shares. ON Semiconductor Corp has a one year low of $6.80 and a one year high of $9.94. The stock’s 50-day moving average is $9.41 and its 200-day moving average is $8.12. The company has a market cap of $4.324 billion and a price-to-earnings ratio of 29.03.

ON Semiconductor Corp (NASDAQ:ONNN) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.17 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.08 earnings per share. ON Semiconductor Corp’s revenue was up 5.6% compared to the same quarter last year. Analysts expect that ON Semiconductor Corp will post $0.77 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on ONNN. Analysts at Pacific Crest raised their price target on shares of ON Semiconductor Corp from $10.00 to $12.00 in a research note on Monday. They now have an “outperform” rating on the stock. Separately, analysts at Raymond James raised their price target on shares of ON Semiconductor Corp from $9.00 to $11.00 in a research note on Thursday, April 3rd. Finally, analysts at Deutsche Bank raised their price target on shares of ON Semiconductor Corp from $11.00 to $12.00 in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $10.40.

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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