Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

ON Semiconductor Coming Along

Up around 22% since I wrote about it as a Top Idea, I can't complain too much about how the ON Semiconductor (ONNN) has developed. The company's SANYO business still isn't up to snuff, but the company's leverage to industrial and auto markets puts it in the right place at the right time. Rising inventories are a potential area of concern, but ON still has more margin upside than the average analog chip company today.

Good Margin Progress in Q1

Sentiment has been shifting strongly more positive on ON Semiconductor, but the company couldn't quite live up to that in the first quarter. Revenue rose 7% yoy, but slipped 2% from the fourth quarter and missed the sell-side average

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