NEW YORK (TheStreet) -- Shares of ON Semiconductor (ON) - Get Report were gaining 9.1% to $11.21 in morning trading on Friday after as analysts comment on the semiconductors supplier company's third quarter financial results.

Analyst firm Wedbush upgraded ON Semiconductor to "outperform" from "neutral," and raised its price target for the company to $14 from $12, in a note to investors. Wedbush analysts said that the company should see higher demand in the coming quarters, and noted that it is buying back more stock.

Susquehanna reiterated its "positive" rating and $14 price target for ON Semiconductor following its earnings report, according to

"ON's guidance reflected the cyclical correction we believe is underway based on reports from around the group," analyst Chris Caso wrote. "We weren't particularly surprised, as we had lowered numbers earlier this month, and guidance came in just marginally below our expectations. But we also can't help but notice that ON has begun to weather industry downturns in much better fashion than in the past."

On Thursday, ON Semiconductor reported earnings of 23 cents a share for the third quarter, in line with analysts' estimate. Revenue grew 3% year over year to $904.2 million for the quarter, missing analysts' estimates of $906.75 million.

TheStreet Recommends

TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate ON SEMICONDUCTOR CORP (ON) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: ON

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