Piper Sandler Raises ON Semiconductor Price Target to $75
Piper Sandler analyst Harsh V.
Kumar raised the price target on ON Semiconductor (NASDAQ: ON) to $75.00 (from $65.00) while maintaining an Overweight rating.
“In our opinion, ON Semi reported good results, and we note that the numbers are masked by exits from non-core business.
The core industrial business as well as the efforts into AI data center are resulting in real growth, however roughly $40 million of exits from noncore in the December ’25 quarter and another $50 million expected of non-core exits in the March ’26 quarter are masking growth.
ON noted that Automotive inventory is about at normal levels. Industrial is growing in the March quarter given strength in factory automation and A&D.
ON is carrying roughly 700 bps of under-utilization charges which would go away roughly at $1.9 billion of quarterly revenues accounting for divestitures / Fab right and all other moving parts.
We’re maintaining our Overweight rating and raising our PT to $75.”
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