Wells Fargo ON Semiconductor · ON

Wells Fargo Lowers ON Semiconductor Price Target to $90

Analyst: Joe Quatrochi 1 min read Reproduced verbatim
Rating
Overweight
Target
$90
from $100 (−10%)
Upside
+24%
ON at $72.43 today
Wells Fargo and ON Semiconductor logos

What the analyst said

Wells Fargo analyst Joe Quatrochi lowered the price target on ON Semiconductor (NASDAQ: ON) to $90 (from $100) while maintaining an Overweight rating.

“Results were somewhat mixed: 1) DC strength & raised 2026 guide / 2027 flow-thru; 2) Auto below guide / expects due to DC supply prioritization.

3) improved GM% + flat ut%. Cont’d demand accel & GM% leverage remain key drivers of shares.

PT $90 Estimate Changes. We expect a modest increase to consensus estimates post ON 3Q26 results.

Our C2026E, C2027E, & C2028E rev / EPS ests stand at $6.64B / $3.30, $7.66B / $4.78, $8.33B / $5.65 (vs. prior $6.55B / $3.23, $7.40B / $4.54, $8.19B / $5.71); initiate C2029 at $8.99B / $6.35.

While we slightly raise estimates, we lower our PT to $90 (was $100) given market multiple compression – 16x P/E and 11x EV/EBITDA our C2028 estimates.”

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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 $72.43. The 11 analysts who set a target in the last 3 months range from $75 to $120, with a median of $90. This $90 target is in line with the median.

12-month window: day 0 of 365, closes on November 3, 2027.

Track record

This callOpen: a 12-month target, scored on November 3, 2027, a year after the note.

Firm track recordWells Fargo: 65% of its 34 targets at least a year old were reached within 12 months (#22 of 26 firms). Accuracy ranking →

Wells Fargo on ON Semiconductor

Wells Fargo price targets on ON Semiconductor

8 calls from February 10, 2026 to November 3, 2026. The target went from $72 to $90 (+25%). The rating stayed Buy.

Wells Fargo targetON share price
  1. November 3, 2026 This noteTarget raised from $58 (+55%)Buy$90
  2. September 17, 2026Target cut from $95 (−39%)Buy$58
  3. September 3, 2026Target cut from $110 (−14%)Buy$95
  4. August 4, 2026Target cut from $130 (−15%)Buy$110
  5. July 20, 2026Target cut from $140 (−7%)Buy$130
  6. June 9, 2026Target raised from $115 (+22%)Buy$140
  7. May 5, 2026Target raised from $72 (+60%)Buy$115
  8. February 10, 2026Earliest call shownBuy$72
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Other analysts on ON Semiconductor

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 B RileyBuy Cut price target −8%, kept rating Nov 3 $97from $105 B RileyBuy Cut price target −17%, kept rating Oct 22 $105from $127
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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.