ON Semiconductor Corp (ON) shares rose 5.56% during regular trading, reaching a 52-week high. This increase comes as the semiconductor sector shows signs of recovery, supported by positive earnings reports from key players like Texas Instruments and ASML.
BNP Paribas recently upgraded ON from Underperform to Neutral, citing a restocking cycle for industrial semiconductors that is expected to drive significant growth in the coming quarters. The semiconductor market is projected to grow 18% year-over-year in 2026, with analog semiconductors anticipated to rise 10% due to this restocking, indicating a positive outlook for ON and its peers.
The upgrade and favorable market conditions suggest that ON Semiconductor is well-positioned to benefit from the anticipated growth in demand for analog products, reinforcing investor confidence in the company's future performance.
Wall Street analysts forecast ON stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ON is 61.25 USD with a low forecast of 50.00 USD and a high forecast of 80.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
Wall Street analysts forecast ON stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ON is 61.25 USD with a low forecast of 50.00 USD and a high forecast of 80.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Buy
10 Hold
0 Sell
Moderate Buy
Current: 64.930
Low
50.00
Averages
61.25
High
80.00
Current: 64.930
Low
50.00
Averages
61.25
High
80.00
BNP Paribas
David O'Connor
Underperform -> Neutral
upgrade
$62
2026-01-22
Reason
BNP Paribas
David O'Connor
Price Target
$62
AI Analysis
2026-01-22
upgrade
Underperform -> Neutral
Reason
BNP Paribas analyst David O'Connor upgraded On Semi to Neutral from Underperform with a $62 price target given improving business conditions, at least for some of its industrial business. The firm remains concerned about automotive and competitive dynamics in power semis, the analyst noted.
BofA
Neutral
maintain
$60 -> $65
2026-01-21
Reason
BofA
Price Target
$60 -> $65
2026-01-21
maintain
Neutral
Reason
BofA raised the firm's price target on On Semi to $65 from $60 and keeps a Neutral rating on the shares. The firm raised price targets for most of its diversified analog semi stock coverage, noting that it expects modest calendar Q4 beats and Q1 raises across the board led by industrial semis given ongoing rebounds across most subsegments, favorable pricing, and robust growth in strategic AI businesses.
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B. Riley
Neutral
maintain
$54 -> $58
2026-01-20
Reason
B. Riley
Price Target
$54 -> $58
2026-01-20
maintain
Neutral
Reason
B. Riley raised the firm's price target on On Semi to $58 from $54 and keeps a Neutral rating on the shares. Global manufacturing PMIs remain near 50%, with moderate U.S. and China expansion led by surging AI infrastructure, though geopolitical volatility persists, the analyst tells investors in a research note. Consensus estimates for 4Q25 and 1Q26 could have a fractional upside bias if Auto and Industrial orders start to climb, the firm says.
Stifel
Tore Svanberg
Hold
maintain
$50 -> $60
2026-01-16
Reason
Stifel
Tore Svanberg
Price Target
$50 -> $60
2026-01-16
maintain
Hold
Reason
Stifel analyst Tore Svanberg raised the firm's price target on On Semi to $60 from $50 and keeps a Hold rating on the shares as part of the firm's Q4 earnings preview for the analog, connectivity and processors group. The firm sees analog appetite returning, even as AI infrastructure remains strong and edge AI becomes "more of a reality," the analyst tells investors in the preview.
About ON
ON Semiconductor Corporation operates under the onsemi brand. It provides intelligent power and intelligent sensing solutions. Its segments include the Power Solutions Group (PSG), the Analog & Mixed-Signal Group (AMG), and the Intelligent Sensing Group (ISG). PSG offers an array of discrete, module and integrated semiconductor products that perform multiple application functions, including power switching, signal conditioning, and circuit protection. AMG designs and develops analog, mixed-signal, Power Management ICs, Sensor Interface devices, Power Conversion, Signal Chain, and Voltage Regulation devices for a broad base of end-users in the automotive, industrial, computing and mobile end-markets. ISG designs and develops CMOS image sensors, image signal processors, single photon detectors, including SiPM, SPAD arrays and short-wavelength infrared products, as well as actuator drivers for autofocus and image stabilization for a broad base of end-users in the different end-markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
