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ON Semiconductor Corp (NASDAQ:ONNN)’s share price gapped up prior to trading on Tuesday after MKM Partners upgraded the stock from a neutral rating to a buy rating, AnalystRatings.NET reports. The stock had previously closed at $9.55, but opened at $9.58. MKM Partners now has a $13.00 price target on the stock, up from their previous price target of $9.75. ON Semiconductor Corp shares last traded at $9.86, with a volume of 5,100,056 shares changing hands.

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 company’s stock. The company has an average rating of “Hold” and a consensus target price of $10.40.

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 $4.349 billion and a P/E ratio of 29.03.

ON Semiconductor Corp (NASDAQ:ONNN) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.17 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, analysts predict that ON Semiconductor Corp will post $0.77 earnings per share 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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