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ON Semiconductor (ON) Stock Closed Higher, Price Target Raised at Jefferies

NEW YORK (TheStreet) -- Shares of ON Semiconductor (ON) closed up on Tuesday as Jefferies increased its price target on the stock to $10.50 from $10 this morning.

The firm maintained its "hold" rating on the stock, but noted the Phoenix-based chipmaker posted strong second-quarter results.

"Within our small-cap universe we forecast ON to be one of the top 3 FCF/Shr growers in 2016," Jefferies continued in an analyst note. "We also expect it to be a top FCF/Shr grower in 2017 as it realizes the bulk of its...