What the analyst said

BofA Securities analyst Vivek Arya upgraded ON Semiconductor (NASDAQ: ON) from Neutral to Buy with a price target of $85.00 (from $70.00).

“The slow auto/EV environment makes our ON upgrade potentially a tad early, but we like the company’s 1) pipeline (rising AI power, Treo products), 2) solid FCF generation (~6% FCF yield), 3) buyback commitment ($6bn/next 3 years, essentially 100% of FCF), 4) model leverage (EBIT margins could reach 1.5x to ~30% by CY28E), and 5) and low balance sheet leverage (dry power for potential M&A, as discussed by management).

There is catch-up potential, with the stock down 36% in the past 3 years (vs. peers up 7%, SOX up 132%) on auto/EV/ Tesla-related weakness, However ON has responded well by pruning its portfolio, cutting costs, and focusing on FCF generation/returns.

The company has also invested in boosting its AI power exposure, likely a focus at upcoming analyst day in September, a potentially positive catalyst.

We raise our CY26/27 pro forma EPS by 2%/7% and hence increase our PO to $85 from $70, now on 21x CY27 PE (vs.

18x prior) given an improving growth profile, supported by an accelerating 26%/40% YoY EPS growth in CY26/27E. Longer term (CY28E), we see pro forma EPS/FCF power of $6-7/share, 2x current levels.”

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Where the price stands

ON trades at $72.25. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $85 target is 6% below the median.

Since the note ON has moved +5% (from $68.65). 12-month window: day 204 of 365, closes on April 13, 2027.

Track record

This call✓ Target reached on April 20, 2026, 7 days after the note.

Firm track recordBank of America: 82% of its 49 targets at least a year old were reached within 12 months (#8 of 26 firms). Accuracy ranking →

Bank of America on ON Semiconductor

Bank of America price targets on ON Semiconductor

2 calls from February 10, 2026 to April 13, 2026. The target went from $70 to $85 (+21%). The rating moved from Hold to Buy.

Bank of America targetON share price
  1. April 13, 2026 This noteUpgraded to Buy, target raised from $70 (+21%)Buy$85
  2. February 10, 2026Earliest call shownHold$70
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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.