CALIFORNIA, USA: Shares of ON Semiconductor Corp rose as much as 8 per cent on Thursday, after the power-management chip maker reported quarterly results above market expectations.

Shares of the Phoenix, Arizona-based company rose to an eight-month high of $9.85 on Thursday, with close to 9 million shares changing hands by 1040 ET, and were among the biggest gainers on the Nasdaq.

On Wednesday, ON Semiconductor, which had been forced to suspend operations at its chip-making facility in Thailand by last year's floods, reported fourth-quarter results that trumped expectations. The company expects a complete recovery in the Thailand operations by the second quarter.

"We are seeing better-than-expected pro-forma gross margin expansion tailwinds as the company's Sanyo business recovers from the Thailand floods," brokerage Wedbush Securities said in a note to clients.

Tighter control over operating expenditure is also driving a faster bottom-line growth, Wedbush said, and raised its rating on the stock to 'Outperform' and its price target to $12.50 from $10.

Brokerages Citigroup, ThinkEquity and FBR Capital Markets also raised their targets on the stock, citing the reversing Thai impact and the return of demand into the PC supply chain.

For a list of rating and price target changes on the stock, click

ON Semiconductor shares were trading at $9.55, up 5 per cent.