What the analyst said

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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Where the price stands

ON trades at $63.01. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $75 target is 17% below the median, the lowest on the Street.

Since the note ON has moved −3% (from $65.10). 12-month window: day 268 of 365, closes on February 10, 2027.

Track record

This call✓ Target reached on April 16, 2026, 2 months after the note.

Firm track recordPiper Sandler: 78% of its 37 targets at least a year old were reached within 12 months (#15 of 26 firms). Accuracy ranking →

Earnings reactionOne of 14 notes after ON Semiconductor’s Feb 9 results: 10 raised · 1 cut · 2 kept. See every call →

Piper Sandler on ON Semiconductor

Piper Sandler price targets on ON Semiconductor

2 calls from January 7, 2026 to February 10, 2026. The target went from $65 to $75 (+15%). The rating stayed Buy.

Piper Sandler targetON share price
  1. February 10, 2026 This noteTarget raised from $65 (+15%)Buy$75
  2. January 7, 2026Earliest call shownBuy$65
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Other analysts on ON Semiconductor

StoneXBuy Kept rating and price target Nov 3 $110maintained CantorHold Kept rating and price target Nov 3 $90maintained MizuhoBuy Cut price target −8%, kept rating Nov 3 $87from $95 TruistHold Raised price target +1%, kept rating Nov 3 $76from $75 NeedhamBuy Kept rating and price target Nov 3 $116maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.