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ON Semiconductor (ON) Stock Upgraded at Longbow

NEW YORK (TheStreet) -- ON Semiconductor's (ON) stock rating was boosted to "buy" from "neutral" at Longbow Research on Wednesday morning, the Fly reports.

The firm also established a $14 price target on shares of the Phoenix-based semiconductor company.

Longbow said supply-chain checks suggest stability in end market demand, according to the Fly.

Additionally, the firm believes shares are undervalued due to earnings power and cash generation following the company's acquisition of Fairchild Semiconductors (FCS).

In June, the company...