B.Riley FBR analyst Craig Ellis maintained a Buy rating on ON Semi (NASDAQ: ON) today and set a price target of $30. The company’s shares opened today at $21.20.
Ellis wrote:
“We return to ON following a management NDR check in last week. For context, since ON reported on 7/30 numerous relevant data points have surfaced in our view. Center day, we left more constructive on C2H18 enterprise IT spend and server demand, and by extension in Compute’s small but fast growing and high dollar content server power business. Microsemi excess channel inventory commentary spooked investors who feared an industry-indicative bulge. Our MCHP checks at last week’s annual Tech Tour suggest swift reduction progress, alleviating those worries. On 8/22, auto crosscurrents emerged at CON-DE, though we believe ON’s new product and content gain ramps can sustain solid segment growth despite some near-term chop.”
According to TipRanks.com, Ellis is a top 25 analyst with an average return of 34.0% and a 75.0% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Axcelis Technologies, and Silicon Laboratories.
Currently, the analyst consensus on ON Semi is a Moderate Buy with an average price target of $27.73.
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Based on ON Semi’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $155 million. In comparison, last year the company earned revenue of $1.34 billion and had a net profit of $93.9 million.
Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock.
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ON Semiconductor Corp. engages in the design, manufacture, and marketing of portfolio of semiconductor components. It operates through the following segments: Power Solutions Group, Analog Solutions Group, and Image Sensor Group.
