UBS Raises ON Semiconductor Target Price to $70
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 07 2024
0mins
Should l Buy ON?
Source: Benzinga
ON Semiconductor Corp's stock rose by 5.03% as it crossed above the 5-day SMA, indicating positive momentum despite broader market declines. UBS has raised its target price for ON Semiconductor from $55 to $70, reflecting a strong outlook on the company's performance in the semiconductor sector. This upgrade comes amid a challenging market environment, where the Nasdaq-100 is down 1.66% and the S&P 500 is down 0.43%, suggesting that investor confidence in ON Semiconductor remains robust.
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Analyst Views on ON
Wall Street analysts forecast ON stock price to rise
19 Analyst Rating
9 Buy
10 Hold
0 Sell
Moderate Buy
Current: 59.590
Low
50.00
Averages
61.25
High
80.00
Current: 59.590
Low
50.00
Averages
61.25
High
80.00
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.
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- Overall Performance Decline: All business segments experienced revenue declines, with the Analog and Mixed-Signal Group at $556 million, down 9%, and the Intelligent Sensing Group at $249.6 million, down 17%, reflecting challenges in the overall market environment.
- Career Progression: Keeton joined onsemi in 2007 and held various positions, culminating in his promotion to President of the Power Solutions Group in February 2024; his resignation may influence internal talent mobility and future leadership selection.
See More
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- Earnings Report Impact: Despite Nvidia reporting strong earnings, investor focus remained on AI profitability, heavy capital spending, and macroeconomic pressures, reflecting ongoing caution about future uncertainties in the sector.
- Investor Advice: CNBC's Jim Cramer advised investors to remain calm amid sharp market swings and avoid panic selling, emphasizing that there are no fundamental issues in the memory sector and urging patience for potential market rebounds.
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- Increased Market Volatility: Rising oil prices and bond yields have heightened market volatility, with Nvidia shares dropping 5.5%, negatively impacting the entire semiconductor index and causing declines in other chipmakers like Broadcom and AMD.
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See More
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See More
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Company Performance: Companies like Analog Devices and Onsemi are crucial players in the semiconductor industry, showing strong revenue growth and positive market sentiment, with expectations for continued performance improvements into 2026.
Stock Analysis: Analysts are bullish on semiconductor stocks, with many recommending purchases as market conditions improve, leading to increased price targets and a favorable outlook for growth in the sector.
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