Stifel Raises ON Semiconductor Price Target to $90

Stifel analyst Tore Svanberg raised the price target on ON Semiconductor (NASDAQ: ON) to $90.00 (from $60.00) while maintaining a Hold rating.

“Contemplating the positive data points across recent peer performance, recent geopolitical conflict, and the positive March ISM PMI print, we expect ON to deliver results above our 1Q26E (Mar) estimate for revenue of $1.49bn (-2.9% q/q) and NG EPS of $0.61. • We believe ON could guide 2Q26E higher than our revenue of $1.51bn (+2.0% q/q), slightly below consensus of $1.53bn, and NG EPS of $0.64 (vs. consensus $0.66), representing an underperformance against the five-year seasonal average of +4.3% revenue growth in Jun Q. • Overall, while we believe ON is well positioned to participate in the upcoming analog recovery, we also believe the primary secular growth drivers are already captured in the current stock price.

Maintain Hold with raised 12-month target price of $90 (from $60), representing a 24.4x CY27E P/E multiple.”

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