Jefferies Downgrades ON Semi (ONNN) to Hold

Jefferies downgraded ON Semi (NASDAQ: ONNN) from Buy to Hold with a price target of $8.50 (from $10.00).

The firm comments, "We believe that semis have entered the late innings of the cycle, and move to a Hold on ONNN. While we maintain our EPS estimates, and believe that there is an upward bias to estimates, we think upward revisions will be met with P/E compression. We still believe gross margins will expand and that its auto exposure provides visibility; we just think investors will prefer higher gross margin stocks in the late innings of the cycle."

For an analyst ratings summary and ratings history on ON Semi click here. For more ratings news on ON Semi click here.

Shares of ON Semi closed at $8.16 yesterday.

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