KeyBanc Raises ON Semiconductor Price Target to $75
KeyBanc analyst John Vinh raised the price target on ON Semiconductor (NASDAQ: ON) to $75.00 (from $65.00) while maintaining an Overweight rating.
“Results and Guidance Slightly Below as Exits Offset Recovery; Data Center Emerging as a Growth Driver; ON posted 4Q results and 1Q guidance, which were slightly below expectations, as product exits of $40M and $50M across 4Q/1Q offset improving signs of a cyclical recovery.
Mgmt noted B2B is improving and is seeing requests for more expedites in the quarters/fewer turns, but has yet to see signs of inventory replenishment.
ON would not quantify expectations for Data Center growth in 2026 but indicated it would increase +high teens q/q in 1Q and would grow strongly this year after exceeding $250M in 2025.
We update estimates and increase our PT as we roll forward valuation to ’27. Maintain OW.”
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