UPDATE: J.P. Morgan Lowers PT on ON Semiconductor to $12

J.P. Morgan is out with its report today on ON Semiconductor ONNN, lowering its PT from $14 to $12. In its report, J.P. Morgan writes, "Yesterday after the close, ON Semi reported 2Q11 revenue/EPS above our estimates but missed Consensus EPS due to higher costs from Japan and negative currency impacts. ON guided 3Q11 revenue in line with Consensus but lowered EPS due to slowing demand and higher costs. However, we reiterate our Overweight rating on ONNN as we continue to believe the company has $1.40 in earnings power. ONNN is currently trading at 1.1X our C11 sales estimate and 10X our C12 EPS estimate. We are lowering our December 2011 price target from $14.00 to $12.00." At the time of posting, shares of ONNN were trading pre-market at $7.85, down 8.40% from Wednesday's close.