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ON

ON Semiconductor

$14.62

-0.73 (-4.76%)

16:26
10/28/18
10/28
16:26
10/28/18
16:26

ON Semiconductor CEO says 'strong performance' shows strength of business

"Our strong performance in the third quarter clearly demonstrates the strength of our business, even in face of volatility in a few end-markets. The key driver of our business today is significant content increase in several applications in automotive, industrial and cloud power end-markets, as opposed to underlying unit growth in these end-markets. With a strong design win pipeline and expanding portfolio of power, analog, and sensor products, we are well positioned to capitalize on key mega-trends in automotive, industrial and cloud power end-markets," said Keith Jackson, president and CEO of ON Semiconductor. "Along with solid revenue performance, our operational execution continues to be robust, as demonstrated by our strong margin performance and free cash flow generation."

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ON ON Semiconductor
$14.62

-0.73 (-4.76%)

10/16/18
MSCO
10/16/18
NO CHANGE
MSCO
Semi fundamentals look worse today than in 2015 down cycle, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach noted that the selloff in semiconductor stocks has been "swift and painful" and could be getting overdone near-term, though he worries the group is "by no means out of the woods" given his view that semi fundamentals today are worse than they were in the 2015 down cycle. Specifically, Hettenbach points to the degree of excess that built up in the supply chain this time, stating that the increase in lead times, double ordering, and inventory accumulation is markedly different to the period that preceded the last time there were broad-based semi estimate cuts in the second half of 2015. Semi sector estimates have only just recently started to come down and there are growing investor expectations that companies will guide Q4 revenue at least a few percent below the Street, added Hettenbach, who said the "upcoming earnings season will be the big test."
09/25/18
09/25/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Underperform from Market Perform at Raymond James while ON Semiconductor (ON) and Analog Devices (ADI) were downgraded to Market Perform from Outperform. 2. Dollar Tree (DLTR) downgraded to Neutral from Buy at Buckingham with analyst Bob Summers citing recent operating underperformance and the prospect that near-term challenges in the Family Dollar business will negate the strength of the Dollar Tree brand. 3. Cypress Semiconductor (CY) downgraded to Sector Weight from Overweight at KeyBanc with analyst John Vinh saying Asia supply-chain findings left him incrementally more cautious on the company's fundamentals. 4. Vale (VALE) downgraded to Neutral from Outperform at Macquarie. 5. SilverBow Resources (SBOW) downgraded to Hold from Buy at SunTrust with analyst Neal Dingmann saying while the company has built its portfolio while lowering costs and generating efficiencies over the past few years, it is likely to keep spending on "less proven, higher cost acreage" even as investors "remain focused on capital discipline and operating within cash flow," holding its leverage at close to 2-times. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/25/18
RAJA
09/25/18
DOWNGRADE
RAJA
Market Perform
ON Semiconductor downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Chris Caso downgraded ON Semiconductor to Market Perform from Outperform based on sector cyclical concerns following checks in Asia. Caso's checks indicate there has been a negative sentiment shift during the month of September among suppliers, with several trends clearly worsening. The analyst has concluded that the the semiconductor sector has entered a cyclical downturn and has made a broad call to downgrade nearly all of his stocks under coverage. Caso does not believe ON Semiconductor can escape the effects of industry trends and prefers to move to the sidelines.
09/25/18
KEYB
09/25/18
INITIATION
KEYB
Sector Weight
ON Semiconductor initiated with a Sector Weight at KeyBanc
KeyBanc analyst Weston Twigg started ON Semiconductor with a Sector Weight rating. The analyst launched coverage of 10 Semiconductor names with neutral ratings saying "softening" cycle metrics, near-term demand dynamics, and trade war risks will likely present near-term headwinds for the stocks.

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