StoneX ON Semiconductor · ON

StoneX Launches Coverage of ON Semiconductor at Buy, $110 Price Target

October 15, 2026 Analyst: Gary Mobley 1 min read Reproduced verbatim
Rating
Buy
New coverage
Target
$110
First target
Upside
+49%
ON at $73.70 today
StoneX and ON Semiconductor logos

What the analyst said

StoneX analyst Gary Mobley initiates coverage on ON Semiconductor (NASDAQ: ON) with a Buy rating and a price target of $110.

“We are initiating coverage of ON Semiconductor Corp (a.k.a. onsemi, NASDAQ: ON) with a Buy rating.

Our price target is $110, which assumes shares trade at 16.0x FY28 non-GAAP EPS, with the accretion generated from the pending Synaptics (SYNA) acquisition & excluding share-based compensation.

We see ON as one of the best ways to play the broadening chip cycle strength.

Additionally, the revenue growth thesis is neither entirely dependent nor completely broken by AI data center spending.

Rather, the EPS growth thesis is more idiosyncratic to: 1) three specific product family ramps (all gross margin accretive); 2) potentially more than 12 percentage points in gross margin expansion for the FY26-30 period (independent of SYNA); and 3) the accretion from the pending SYNA acquisition.”

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Where the price stands

ON trades at $73.70. The 10 analysts who set a target in the last 3 months range from $58 to $127, with a median of $95. This $110 target is 16% above the median.

12-month window: day 0 of 365, closes on October 15, 2027.

Track record

This callOpen: ON has not reached $110 yet. This 12-month target is scored on October 15, 2027.

Firm track recordStoneX: 67% of its 3 targets at least a year old were reached within 12 months. Accuracy ranking →

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Other analysts on ON Semiconductor

StifelHold Raised price target +7%, kept rating · Oct 5 $80from $75 StifelHold Kept rating and price target · Oct 2 $75maintained TruistHold Cut price target −18%, kept rating · Sep 21 $75from $91 UBSHold Kept rating and price target · Sep 17 $95maintained StifelHold Cut price target −17%, kept rating · Sep 17 $75from $90
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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.