Why This Semiconductor Stock Could End Up On Top, ONNN

ON Semiconductor Corp (NASDAQ: ONNN) hit another 52-week high on Friday. Stocks simply do not reach their 52-week highs because they are terrible stocks. They reach their highs for a reason. ON Semi is viewed to be "cheap" according to investors who are bidding up the stock to new highs. ON is poised to earn $0.88 this year and $1.07 in 2011, according to analyst estimates. The company is growing at a rapid pace, and with a generous 17PE, investors believe that the stock could hit $15 in the short term. The stock has had a miraculous run in the past few months. Can it continue to head higher? ON Semi is a large player in the mobile phone and tablet space. The company recently acquired Sanyo Semiconductor in order to continue to expand its global presence. Sanyo should be able to add earnings power to ON's income statement within the coming months. There's no telling where the stock could go from here.