Needham ON Semiconductor · ON

Needham Reaffirms Buy on ON Semiconductor, $116 Price Target

Analyst: N. Quinn Bolton 1 min read Reproduced verbatim
Rating
Buy
Unchanged
Target
$116
Unchanged
Upside
+60%
ON at $72.43 today
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What the analyst said

Needham analyst N.

Quinn Bolton reiterated a Buy rating and $116 price target on ON Semiconductor (NASDAQ: ON).

“Onsemi posted a beat and raise across both revenue and EPS driven by strength in its AI DC business. Our key takeaways include: 1) AI Data Center is expected to grow +140% Y/Y in CY26.

Management also reiterated that CY27 AI Data Center revenue should double off this higher base; 2) ON’s below expectation Auto guidance contemplates supply reallocation towards AI data center in 4Q.

In 1Q, ON expects to return to growth as supply catches up to demand; and, 3) Announced the acquisition of Ferric for $600MM in cash plus up to $175MM in contingent consideration, adding to ON’s IVR capabilities.

As a result, the company is raising its CY30 AI data center revenue target by $500MM to >$3BN. Our PT of $116 remains unchanged, based on ~20x our new CY28 NG EPS of $5.90.”

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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 $116 target is 29% above 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 recordNeedham: 100% of its 6 targets at least a year old were reached within 12 months. Accuracy ranking →

Needham on ON Semiconductor

Needham price targets on ON Semiconductor

5 calls from February 10, 2026 to November 3, 2026. The target went from $72 to $116 (+61%). The rating stayed Buy.

Needham targetON share price
  1. November 3, 2026 This noteKept the $116 targetBuy$116
  2. August 4, 2026Target cut from $130 (−11%)Buy$116
  3. June 26, 2026Target raised from $110 (+18%)Buy$130
  4. May 5, 2026Target raised from $72 (+53%)Buy$110
  5. 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 Wells FargoBuy Cut price target −10%, kept rating Nov 3 $90from $100 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.