Analysts Are Upgrading These 5 Stocks

4. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 45

Summit Insights upgraded ON Semiconductor Corporation (NASDAQ:ON) from “Hold” to “Buy” on Monday, February 6. Analyst KinNgai Chan believes the company is less vulnerable to price pressure relative to other analog peers.

Chan added that ON Semiconductor could outperform, considering its unique position in the automotive space. The upgrade came the same day ON Semiconductor Corporation (NASDAQ:ON) released its financial results for the fourth quarter.

The semiconductor supplier reported adjusted earnings of $1.32 per share, beating estimates of $1.26 per share. The quarterly revenue of $2.1 billion also exceeded analysts’ average estimate of $2.08 billion.

On the downside, ON Semiconductor Corporation (NASDAQ:ON) issued a weak financial outlook for the current quarter. It projected adjusted earnings in the range of 1.02 – $1.14 per share and revenue between $1.87 – $1.97 billion. The midpoint of the guidance missed the consensus of $1.14 per share for earnings and $2 billion for revenue.

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