ON Semiconductor (ON) PT Raised to $21 at Jefferies; Reiterates Hold

Jefferies raised its price target on ON Semiconductor (NASDAQ: ON) to $21.00 (from $20.00) while maintaining a Hold rating following the company's 3Q earnings report. 3Q17 Revenues and EPS of $1,391m/$0.46 were 170bps/$0.06 above consensus as ON saw broad based strength in its core businesses.

ON's 4Q17 outlook of $1,350m is 140bps above consensus on continued bookings strength. ON's better revenues and margins are consistent with our thematic calls in semis and Jefferies is incrementally positive on the stock.

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