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TheStreet Open House

5 Chip Stocks JPMorgan Likes

ON Semiconductor

ON Semiconductor makes digital signal processing integrated circuits (ICs) used in a wide array of commercial applications. Shares have gained 15.41% since the beginning of 2012.

In a February research report following earnings, Danley was extremely positive on ON, mostly because of its leverage. "The main reason we are Overweight ON Semi is we believe it has the highest leverage in our coverage universe and our C13 estimates are increasing almost 100%. We believe further upside to estimates is likely, and as a result, we reiterate our Overweight rating." ON Semiconductor increased gross margins 200 basis points quarter-over-quarter to 31.1% during its fourth quarter, and J.P. Morgan expects additional upside in the first quarter, moving to 32%.

J.P. Morgan rates Analog Devices shares "overweight" with a $10 price target.

Analysts polled by Thomson Reuters expect ON Semiconductor to generate $742.74 million in revenue and earn 10 cents per share in the first-quarter.

TheStreet Ratings rates ON Semiconductor "hold" with a C grade.

Interested in more on ON Semicondcutor? See TheStreet Ratings' report card for this stock.

>>To see these stocks in action, visit the 5 Chip Stocks JPMorgan Likes portfolio on Stockpickr.

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-- Written by Chris Ciaccia in New York

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