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ON Semiconductor Corp (NASDAQ:ONNN) was downgraded by equities research analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating in a research note issued to investors on Friday, reports. They currently have a $8.00 price objective on the stock, down from their previous price objective of $10.50. Citigroup Inc.’s target price would suggest a potential downside of 8.05% from the stock’s previous close.

Shares of ON Semiconductor Corp (NASDAQ:ONNN) traded down 1.69% on Friday, hitting $8.70. 11,017,798 shares of the company’s stock traded hands. ON Semiconductor Corp has a one year low of $6.80 and a one year high of $10.07. The stock has a 50-day moving average of $9.40 and a 200-day moving average of $8.49. The company has a market cap of $3.837 billion and a price-to-earnings ratio of 21.59.

ON Semiconductor Corp (NASDAQ:ONNN) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $706.50 million for the quarter, compared to the consensus estimate of $711.01 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that ON Semiconductor Corp will post $0.80 earnings per share for the current fiscal year.

A number of other firms have also recently commented on ONNN. Analysts at Deutsche Bank reiterated a “buy” rating on shares of ON Semiconductor Corp in a research note on Friday, May 2nd. They now have a $12.00 price target on the stock. Separately, analysts at Morgan Stanley raised their price target on shares of ON Semiconductor Corp from $7.00 to $8.00 in a research note on Friday, May 2nd. Finally, analysts at FBR Capital Markets reiterated an “outperform” rating on shares of ON Semiconductor Corp in a research note on Friday, May 2nd. They now have a $12.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. ON Semiconductor Corp currently has an average rating of “Buy” and a consensus price target of $10.66.

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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