Piper Sandler Raises ON Semiconductor Price Target to $65

Piper Sandler analyst Harsh V.

Kumar raised the price target on ON Semiconductor (NASDAQ: ON) to $65.00 (from $60.00) while maintaining an Overweight rating.

“Utilization Recovery Drives Margin Upside: onsemi appears to be benefiting from a turn in the industry specifically within the industrial and automotive markets.

The company noted each 1% of fab utilization increase can add 20-30 basis points of gross margin uptick. ON believes utilization will go up during the first half of 2026.”

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