ON Semi lower; Citi downgrades on checks, Sanyo concerns

|About: ON Semiconductor Corporation (ON)|By:, SA News Editor

Citi has downgraded ON Semi (ONNN -2.3%) to Sell, and cut its PT by $2.50 to $8. The firm is worried about checks that point to soft bookings, as well as the performance of ON's Sanyo Semi unit.

ON, which has been losing analog chip share in recent quarters, is just a week removed from selling off due to a Q1 revenue miss (accompanied by an EPS beat). Last October, the company announced it's shutting down a chip assembly/testing facility run by its Sanyo unit, and launching a voluntary retirement program for the business.

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