Before the bell the morning, Wedbush cut its rating for ON Semiconductor Corporation (ONNN - 7.13) to "neutral" from "outperform."
The rest of the brokerage crowd holds ONNN in much higher regards than Wedbush. Zacks tallies 13 "buy" or better recommendations, versus four lukewarm "holds."
What's more, the consensus 12-month price target -- as calculated by Thomson Reuters -- sits at $11.30, representing a hefty 55.2% premium to Thursday's closing price of $7.28.
Elsewhere on the Street, short interest for ONNN dropped by 15.35% over the past month. These bearish bets account for just 2.88% of the security's float, which signifies a rather meager supply of sideline cash. In other words, it seems that relatively few traders are betting on the stock to decline.
During the past two weeks, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 2.47 puts for every call on ONNN. This ratio arrives in the 96th percentile of its annual range -- just four percentage points from a pessimistic peak -- signaling that traders on these exchanges have seldom bought bearish bets over bullish at a faster pace during the past year.
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