Mizuho ON Semiconductor · ON

Mizuho Raises ON Semiconductor Price Target to $120

Analyst: Vijay Rakesh 1 min read Reproduced verbatim
Rating
Outperform
Target
$120
from $70 (+71%)
Outcome
Reached
on May 26, 2026
Mizuho and ON Semiconductor logos

What the analyst said

Mizuho analyst Vijay Rakesh raised the price target on ON Semiconductor (NASDAQ: ON) to $120.00 (from $70.00) while maintaining an Outperform rating.

“ON reported an in-line MarQ and guided JunQ better to $1.59B, up 5% q/q on better GMs.

ON noted improvements with : 1) AI DC guided up 100% y/y in C26E to ~7%+ of revs (>$500M), 2) Autos flattish into JunQ but ON noted 55% share of new China EV models helping, to potentially outperform LVP (flat-to-down y/y), 3) GM tailwinds to 2027E: improving mixed-signal Treo with 60-70% incremental GMs, we believe pricing tailwinds; MarQ utilization up ~900bps to 77%, expected flat to up in JunQ with 300mm EFK fab better.

Maintain Outperform, Raise Estimates and PT to $120 (prior: $70), ~26x F27E P/E (prior: ~18x), in line w/ peers as EPS grows ~47% y/y, with improving secular trends extending into 2027 with AI/DC, 300mm EFK ramps and utilization.

ON is hosting its Analyst Day Sep’26.”

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The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

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 $72.48. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $120 target is 33% 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 recordMizuho: 88% of its 68 targets at least a year old were reached within 12 months (#2 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 →

Mizuho on ON Semiconductor

Mizuho price targets on ON Semiconductor

8 calls from February 10, 2026 to September 17, 2026. The target went from $70 to $95 (+36%). The rating stayed Buy.

Mizuho targetON share price
  1. September 17, 2026Target cut from $110 (−14%)Buy$95
  2. August 4, 2026Target cut from $125 (−12%)Buy$110
  3. July 1, 2026Target cut from $150 (−17%)Buy$125
  4. June 26, 2026Kept the $150 targetBuy$150
  5. May 27, 2026Target raised from $130 (+15%)Buy$150
  6. May 19, 2026Target raised from $120 (+8%)Buy$130
  7. May 5, 2026 This noteTarget raised from $70 (+71%)Buy$120
  8. February 10, 2026Earliest call shownBuy$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 TruistHold Raised price target +1%, kept rating Nov 3 $76from $75 NeedhamBuy Kept rating and price target Nov 3 $116maintained 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.