FBR Capital Markets Analyst Christopher Rolland says this is a good time for semiconductor companies to be involved in broad-based analog and power management. His top pick on that theme is ON Semiconductor Corp (ONNN).
“Because of the Japanese earthquake, later followed by the Thai flood, which hurt their back-end assembly and test production facilities, coupled with a bad acquisition of a Japanese semiconductor company SANYO, the ON Semi has really lagged the group here, but we believe it has a chance to sort of play catch up,” Rolland says.
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Rolland says that given where we are in the semiconductor cycle, ON Semiconductor can benefit from strong industrial and auto sales. That growth will help the company catch up to some of its peers, which Rolland says have performed well so far this cycle.
“So we think there are a few select catch-up players in power management and analog that we’d be focusing our attention on,” he says.
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