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ON Semiconductor Corp (NASDAQ:ONNN)‘s stock had its “underweight” rating reaffirmed by research analysts at Morgan Stanley in a report released on Tuesday. They currently have a $8.00 price target on the stock. Morgan Stanley’s price target indicates a potential downside of 10.91% from the company’s current price.

The analysts wrote, “After getting the acquired SANYO business close to break-even, ON announced a $400mn acquisition yesterday in the competitive image sensor space. Investors are clearly enthusiastic about accretive deals, although the margin profile and end market mix may be questioned here. We are Underweight ONNN due to lower growth and less operating leverage relative to peers.”

ONNN has been the subject of a number of other recent research reports. Analysts at B. Riley raised their price target on shares of ON Semiconductor Corp to $12.50 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Evercore Partners initiated coverage on shares of ON Semiconductor Corp in a research note on Wednesday, May 14th. They set an “underweight” rating and a $8.00 price target on the stock. Finally, analysts at Citigroup Inc. downgraded shares of ON Semiconductor Corp from a “neutral” rating to a “sell” rating in a research note on Friday, May 9th. They now have a $8.00 price target on the stock, down previously from $10.50. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $10.78.

Shares of ON Semiconductor Corp (NASDAQ:ONNN) traded up 2.34% on Tuesday, hitting $9.19. The stock had a trading volume of 2,811,618 shares. ON Semiconductor Corp has a one year low of $6.80 and a one year high of $10.07. The stock’s 50-day moving average is $8.92 and its 200-day moving average is $8.7. The company has a market cap of $4.053 billion and a P/E ratio of 21.90.

ON Semiconductor Corp (NASDAQ:ONNN) last announced its earnings results 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. Analysts expect that ON Semiconductor Corp will post $0.80 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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