ON Semiconductor (NASDAQ:ONNN) Revenue, EPS Tracking as High End of Guidance

Citing recent checks, FBR Capital said revenue and EPS for ON Semiconductor (NASDAQ:ONNN) is tracking on the high end of guidance, with EPS probably surpassing it.

FBR said, "Recent checks suggest 4Q revenues are tracking toward the upper end of guidance, with EPS likely one or two pennies better than consensus. For 1Q, we think ON's organic revenues can decline less than seasonally typical, likely by 2%–4% QOQ, but with EPS possibly better than the Street expects. While some investors have fretted about the Sanyo acquisition, we expect this deal to close in the next week or so, and think earnings can ramp faster than previously."

FBR Capital maintains an "Outperform" rating on ON Semiconductor, which closed Wednesday at $9.92, up $0.29, or 3.01 percent. FBR raised their price target on them from $12 to $13.