Truist Lowers ON Semiconductor Price Target to $91
Truist Securities analyst William Stein lowered the price target on ON Semiconductor (ON) to $91 (from $101) while maintaining a Hold rating on August 5, 2026.
“ON’s progress “sounds” better than the financials reflect.
ON’s messaging – that a cyclical recovery (rising book/bill, leadtimes, and pricing) combined with rapid growth & content gains in AI/DC is driving better results – sounds excellent.
With all of this “goodness”, revenue is only surprising by 1-2%/qtr, and is only growing HSD y/y. Business exits explain some of this, but it still feels like a disconnect to us.
CY27 EPS goes to $4.35 (from $4.21). PT goes to $91 (from $101) based on 21x (historical 6x disc to recently lowered peer multiples).
Retain Hold rating, which should be viewed in the context of our positive sector view. Cyclical recovery and AI/DC traction continue, but actual results look less great than the narrative suggests.”
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