Mizuho Raises ON Semiconductor Price Target to $120
Mizuho analyst Vijay Rakesh raised the price target on ON Semiconductor (NASDAQ: ON) to $120.00 (from $70.00) while maintaining a 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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