NEW YORK (TheStreet) -- Shares of ON Semiconductor Corp (ONNN) are up 2.12% to $9.17 in pre-market trading after Sterne Agee reiterated a "buy" rating and a price target of $13.00 per share on the company.
The firm is also raising its earnings estimates for fiscal 2014 to 88 cents per share from 87 cents per share, and boosting fiscal 2015 earnings estimates to $1.18 per share from $1.10 per share.
In a research note, the firm cites ON Semiconductor's acquisition of Aptina Imaging for $400 million, which it announced after the close of trading, on Monday.
Separately, TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ON SEMICONDUCTOR CORP (ONNN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, reasonable valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: