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IFNNY - ON Semiconductor's Performance Isn't Pretty But Better Days Are Ahead
Infineon Technologies AG ADR
I had a mixed view on ON Semiconductor (ON) back in May, as I thought the shares had some appeal on drops below $20, but that there was also still a lot of risk in the outlook as I felt sell-side analysts were too bullish about a second half recovery. That’s all largely come to pass, as ON has continued to struggle with weaker demand in autos and industrials and high inventories, and sell-side expectations have headed down through the year.
Buying below $20 has worked and I continue to believe it will