Needham ON Semiconductor · ON

Needham Raises ON Semiconductor Price Target to $72

Analyst: Rajvindra Gill 1 min read Reproduced verbatim
Rating
Buy
Target
$72
from $68 (+6%)
Outcome
Reached
on February 13, 2026
Needham and ON Semiconductor logos

What the analyst said

Needham analyst Rajvindra Gill raised the price target on ON Semiconductor (NASDAQ: ON) to $72.00 (from $68.00) while maintaining a Buy rating.

“Onsemi posted a beat and guided NG EPS ahead of our estimate.

Our key takeaways include: 1) NG GM is set to expand through the year as the company executes on its Fab right strategy.

Utilization should improve to the low 70% range in 1Q26 and into the mid-70% range in 2Q26 and 3Q26; 2) Visibility has improved vs. 90 days ago.

1Q26 was guided in line with typical seasonality, but would have been above if not for $50MM in non-core exits.

Non-core revenue exits are expected to total ~$300MM in 2026; and, 3) ON expects to sample 30 new GaN devices spanning 40V to 1,200V in 2026.

These GaN devices will support applications in AI data centers, EVs, renewables, A&D, and security with lateral and vertical GaN revenue expected to start in 2026 and 2027, respectively.

We raise our 12-month PT to $72, based on 17.5x our CY27 NG EPS estimate of $4.10.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

ON trades at $72.67. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $72 target is 20% below the median, the lowest on the Street.

Since the note ON has moved +12% (from $65.10). 12-month window: day 266 of 365, closes on February 10, 2027.

Track record

This call✓ Target reached on February 13, 2026, 3 days after the note.

Firm track recordNeedham: 100% of its 6 targets at least a year old were reached within 12 months. Accuracy ranking →

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

Needham on ON Semiconductor

Needham price targets on ON Semiconductor

5 calls from February 10, 2026 to November 3, 2026. The target went from $72 to $116 (+61%). The rating stayed Buy.

Needham targetON share price
  1. November 3, 2026Kept the $116 targetBuy$116
  2. August 4, 2026Target cut from $130 (−11%)Buy$116
  3. June 26, 2026Target raised from $110 (+18%)Buy$130
  4. May 5, 2026Target raised from $72 (+53%)Buy$110
  5. February 10, 2026 This noteEarliest call shownBuy$72
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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 Wells FargoBuy Cut price target −10%, kept rating Nov 3 $90from $100
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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.