By: Benzinga
UPDATE: Bank of America Initiates ON Semiconductor at Buy on Positive Sanyo Restructuring
Bank of America published a report Tuesday, as analyst Aashish Rao initiated ON Semiconductor (NASDAQ: ONNN ) with a Buy rating and a price objective of $11. Rao wrote, "ON acquired Sanyo's semi division in 2011 but sales declined 40%. However, the company took firm actions - closing two fabs,
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