What the analyst said

Evercore ISI analyst Mark Lipacis raised the price target on ON Semiconductor (NASDAQ: ON) to $121.00 (from $80.00) while maintaining an Outperform rating.

“We Remain Buyers of ON…after it posted MarQ EPS 5% above Street, 2Q EPS outlook of 7% above and 2Q revenue outlook 350bps above Street. GM of 38.5% was consistent with our preview and mgmt described extending lead times, increased expedite requests and power products going on allocation as highlighted in our channel checks.

We remain buyers given improving fundamentals driven by 1) Management’s guidance on AI DC revs doubling YY in 2026 to >$500M w/ 1Q growing +30% QQ 2) 1Q26 capex coming in at the lowest in 5+ years 3) Auto returning to growth (+5% YY) after seven sequential quarters of decline 4) GM expanding for the third consecutive quarter.

5) FCF/Shr increasing from $3.4 in 2025 to $9.2 in 2028. We raise our PT to $121 (22x our 2028 EPS discounted back 2 yr) and reiterate our O/P rating.”

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Where the price stands

ON trades at $72.30. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $121 target is 34% above the median, the highest on the Street.

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 26, 2026, 21 days after the note.

Firm track recordEvercore: 88% of its 16 targets at least a year old were reached within 12 months (#3 of 26 firms). Accuracy ranking →

Earnings reactionOne of 14 notes after ON Semiconductor’s May 4 results: 14 raised · 0 cut · 0 kept. See every call →

Evercore on ON Semiconductor

Evercore price targets on ON Semiconductor

3 calls from January 7, 2026 to June 26, 2026. The target went from $80 to $137 (+71%). The rating stayed Buy.

Evercore targetON share price
  1. June 26, 2026Target raised from $121 (+13%)Buy$137
  2. May 5, 2026 This noteTarget raised from $80 (+51%)Buy$121
  3. January 7, 2026Earliest call shownBuy$80
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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.