This is a growth stock trading as a value stock, and one with excellent long-term prospects.

ON Semiconductor ( ON 2.10% ) is a specialty chipmaker, mostly for the automotive and industrial sectors, which have been under pressure. So the stock's recent 24% decline is understandable from a near-term trading perspective.

However, if you take a longer-term view, there's a strong case for arguing that this is a great time to buy shares of ON Semiconductor (also known as Onsemi). Its end markets are likely to improve over time, and management is doing a good job of preparing the company for future growth while optimizing current performance.

It all comes together to make ON Semiconductor a compelling buy for patient investors.

Onsemi is a growth stock trading as a value stock

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