PREVIEW: Onsemi gains ahead of results

Shares of Onsemi ON.O gaining 0.3% on Mon ahead of qtrly results after the bell, as analysts expect a dip in revenue and profits

The supplier of semiconductor components is expected to report qtrly rev down 11% to $1.54 bln, with adj EPS seen at $0.62 vs $0.95 a yr ago, per LSEG

The stock has surged about 21% YTD, outpacing the Nasdaq's .IXIC flat performance

ON recently at 21 times expected earnings, a premium to its five-year avg forward PE of 17

Stock is trading ~39% below its record high close in July 2023

The avg rating among 36 analysts is 'hold', with 15 'buy' or 'strong buy' ratings and 21 'hold' ratings

UBS on Feb 2 raised its PT to $70 from $55, vs current price of $65.37