Baird Raises ON Semiconductor Price Target to $100

Baird analyst Tristan Gerra raised the price target on ON Semiconductor (NASDAQ: ON) to $100.00 (from $56.00) while maintaining a Neutral rating.

“Muted top line and gross margin re-acceleration despite the cycle recovery highlight ongoing share losses which we attribute to product pruning in addition to the pricing strategy adopted in 2021-2022.

LTSAs, while declining, still represent most of our projected 2026 revenue, and remain a headwind in our view.

Entry in high-voltage GaN (AI data center) is very recent, while ON Semi currently lacks ultra high-voltage SiC. Neutral-rated.”

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.