ON Semiconductor Corp (NASDAQ:ONNN) Looks For Breakout After Earnings Report

Boston, MA, 04/21/2014  (usastockreport) –  This is likely to be the last time that ON Semiconductor Corp (NASDAQ:ONNN will be Wall Street’s favorite stock under $10, because it’s a sure bet to get beyond that range and continue climbing after the next earnings report on May 1, 2014.

The Analyst Rating Bounce

ONNN had been bouncing around in-between $9 to $9.5 until several analyst upgrades upped the target price to above $10. The net effect was that the stock is now at $10, and looks sure to go up and climb further after the earnings report. It’s also looking good to reach the target prices of $11 to $13 that analysts have set, and may even move beyond that in the near future. In any case, it won’t be anyone’s favorite stock under $10 any more.

One of the upgrades ON Semiconductor Corp got was from Raymond James, who upped their target price from $9 to $11. Deutsche Bank analysts, not to be left behind, raised the stakes by hiking the target price from $11 to $12. Wedbush jumped on the ONNN bandwagon by raising the target price from $10 to $13.

If this was not enough, Drexel Hamilton analysts have set a buy rating for ONNN. Such high expectations before a crucial earnings report are sure to put more pressure on the company to deliver. They did manage it in the last quarter, reporting an EPS of $0.17 and beating the consensus estimate by 3 cents. The $718 million in quarterly revenue likewise beat the consensus estimate of $691.29 million.

The Earnings Call

ON Semiconductor Corp (NASDAQ:ONNN) plans to announce its first quarter earnings report for 2014 after the market closes on May 1, 2014. The company will be hosting a conference call at 5:00 p.m. EDT the release of its financial results. The call will be live webcast on the company website’s investors section.

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