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ON

ON Semiconductor

, AAPL

Apple

$153.30

2.53 (1.68%)

09:18
01/10/19
01/10
09:18
01/10/19
09:18

ON Semiconductor risk/reward 'hard to ignore,' says Craig-Hallum

Craig-Hallum analyst Anthony Stoss notes that ON Semiconductor (ON) has not been spared in the recent selloff in semi/Apple (AAPL) suppliers. However, at just under 9 times FY2019 EPS the risk/reward is "hard to ignore," he contends. Stoss believes that content gains in auto and 5G base station builds will keep ON outperforming. He reiterates a Buy rating and $25 price target on ON's shares.

ON

ON Semiconductor

AAPL

Apple

$153.30

2.53 (1.68%)

  • 17

    Jan

  • 08

    May

ON ON Semiconductor

11/13/18
BMOC
11/13/18
INITIATION
Target $20
BMOC
Market Perform
ON Semiconductor initiated with a Market Perform at BMO Capital
As reported earlier, BMO Capital analyst Ambrish Srivastava initiated ON Semiconductor with a Market Perform rating and a price target of $20. The analyst states that while he is impressed with the company's execution toward achieving its near-term and long-term target, he finds shares valued "reasonably" at current levels. Srivastava adds however that the "integration of the Fairchild acquisition has gone a long way to wipe away the sins of the Sanyo deal" and that he would consider taking a more constructive stance on downward estimate revisions or reduction of lead times.
11/14/18
MSCO
11/14/18
NO CHANGE
MSCO
Underweight
Morgan Stanley says auto semiconductor estimates still too high
Morgan Stanley analyst Craig Hettenbach sees pressure building toward an eventual reset in the first half of 2019 for semiconductor companies that have so far characterized their automotive business as "stable." He believes estimates are still too high in autos and notes that his 2019 EPS estimate is 15% below the Street for ON Semiconductor (ON) and 5% below consensus for Sensata (ST). Having braced for a greater degree of negativity, Hettenbach was surprised that commentary on autos was mixed during earnings season, and he sees companies that have been slower to reset expectations being more susceptible to order reductions as suppliers and OEMs adjust to weaker than expected production, he tells investors. The analyst reiterates his Underweight ratings on both ON and Sensata.
12/03/18
CHLM
12/03/18
NO CHANGE
CHLM
Auto suppliers should recover after U.S./China trade news, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss expects auto supplier stocks to recover after positive meetings between President Trump and Chinese counterpart over the weekend. The analyst notes that 25% tariffs were pushed out 90 days to get final deal, and argues that automotive suppliers are too cheap and should work higher on the news. Stoss remains a buyer of STMicroelectronics (STM), ON Semiconductor (ON), and Cypress Semiconductor (CY) at current levels.
01/03/19
MSCO
01/03/19
NO CHANGE
MSCO
Skyworks, Qorvo among semi names with most Apple exposure, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach maintains his Cautious view on the Semiconductors sector, telling investors that the sizeable iPhone miss in China and a weaker China PMI reading this week provide further evidence of a strong downward bias in "the most important growth region for semis." He sees more reasons for investors to reduce exposure to semis, rather than add, ahead of what he expects to be a challenging earnings season, Hettenbach noted. In terms of exposure to Apple (AAPL), he estimates Skyworks (SWKS) has 45% exposure, followed by Qorvo (QRVO) at about 35% and Broadcom (AVGO) at 15%- 20%. Beyond the companies with the greatest Apple exposure, Hettenbach also highlight risks to broad-based suppliers such as Texas Instruments (TXN), Amphenol (APH), ON Semiconductor (ON), NXP Semiconductors (NXPI), Analog Devices (ADI) and Cypress Semiconductor (CY), calling out ON as his top Underweight idea.
AAPL Apple
$153.30

2.53 (1.68%)

01/09/19
OPCO
01/09/19
NO CHANGE
OPCO
Perform
Oppenheimer says 'rare miss' at Skyworks likely hints at downside risk for peers
Oppenheimer analyst Rick Schafer lowered his estimates for Skyworks (SWKS) after the company negatively pre-announced December quarter revenues and EPS, stating that he blames the majority of the company's "rare miss" on disappointing Apple (AAPL) iPhone units, though he also believes Samsung (SSNLF) and China OEMs contributed. Management did not offer a March quarter outlook, so estimates could come down again when Skyworks reports in a few weeks, warned Schafer, who thinks the pre-announcement likely hints at downside risk at peers such as Cirrus Logic (CRUS) and Qorvo (QRVO). He keeps a Perform rating on Skyworks shares, which are up 2% to $66.66 in morning trading.
01/10/19
LOOP
01/10/19
NO CHANGE
Target $92
LOOP
Buy
Skyworks price target lowered to $92 from $102 at Loop Capital
Loop Capital analyst Cody Acree lowered his price target on Skyworks (SWKS) to $92 after the company cut its Q1 earnings guidance that also followed a negative pre-announcement from Apple (AAPL). The analyst keeps his Buy rating on the stock however, stating that he was most impressed with the 4% rise in its price in spite of the guidance cut, which he believes suggests that the broad sell-off in the chip industry is a "solid indication" of the sector being oversold. Acree adds that the headwinds from tax-loss selling and portfolio rebalancing should be largely in the past, and expects the constructive U.S.-China trade talks to bring back investors looking for "strong fundamentals".
01/10/19
01/10/19
UPGRADE
Target $72

Buy
Qorvo upgraded to Buy at Craig-Hallum as shares 'have likely bottomed'
As previously reported, Craig-Hallum analyst Anthony Stoss upgraded Qorvo (QRVO) to Buy from Hold as he believes the share decline now positions the stock with more upside than downside, and shares now largely reflect weaker Apple (AAPL) iPhone sales. The analyst argues that investors should start looking forward to substantial content increases for RF in 5G phones, although he does not expect material volumes until 2020. He also lowered his price target on Qorvo's shares to $72 from $74.
01/10/19
CHLM
01/10/19
NO CHANGE
Target $90
CHLM
Buy
Skyworks price target lowered to $90 from $$105 at Craig-Hallum
Craig-Hallum analyst Anthony Stoss lowered his price target for Skyworks (SWKS) to $90 from $105 to account for the company's lowered December quarter guidance. The analyst attributes Skyworks' lowered guide to weakness at Apple (AAPL), which he believes was already expected and priced into the stock. Stoss thinks investors will turn their focus to Skyworks' upcoming 5G opportunity. He reiterates a Buy rating on Skyworks shares

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CNC

Centene

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QURE

uniQure

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CNCE

Concert Pharmaceuticals

$14.21

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RCKT

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PSTI

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TLRY

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BG

Bunge

$52.95

0.745 (1.43%)

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CAG

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CGEN

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KSU

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AMRX

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ZBH

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