Needham ON Semiconductor · ON

Needham Raises ON Semiconductor Price Target to $110

Analyst: Rajvindra Gill 1 min read Reproduced verbatim
Rating
Buy
Target
$110
from $72 (+53%)
Outcome
Reached
on May 13, 2026
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What the analyst said

Needham analyst Rajvindra Gill raised the price target on ON Semiconductor (NASDAQ: ON) to $110.00 (from $72.00) while maintaining a Buy rating.

“Onsemi posted a beat and raise driven by strength across the business. Our key takeaways include: 1) Near-term demand dynamics are turning positive and margin expansion is following.

Management cited an increase in expedited orders and visibility as they believe the cycle is on the path to recovery. Margins are being aided by increased capacity utilization.

2) ON’s data center revenue is now expected to double Y/Y to $500MM and further tailwinds are expected to come from data center adjacent products within energy infrastructure.

3) The Automotive segment is benefiting from content growth specifically around Treo, IGBTs and SiC.

4) The company’s GaN design funnel now exceeds $1.5bn, across 30 products supporting 40V to 1,200V applications.

We raise our 12-month PT to $110, based on 20x our new CY28 NG EPS estimate of $5.50.”

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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 $110 target is 22% above the median.

Since the note ON has moved −29% (from $102). 12-month window: day 182 of 365, closes on May 5, 2027.

Track record

This call✓ Target reached on May 13, 2026, 8 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 May 4 results: 14 raised · 0 cut · 0 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, 2026 This noteTarget raised from $72 (+53%)Buy$110
  5. February 10, 2026Earliest 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.