ON Semiconductor climbs as BofA Buy upgrade and $85 target keep rally going
ON Semiconductor shares rose about 3.9% to around $83 as the market continued to reprice the stock after a fresh Bank of America upgrade to Buy with an $85 target issued April 13, 2026. The call highlighted improving AI-power exposure, Treo platform momentum, and a multi-year $6 billion buyback plan as key drivers of upside.
1. What’s moving the stock
ON Semiconductor (ON) traded higher Friday, up about 3.85% to roughly $83, extending a week-long rally tied to a prominent analyst re-rating. The latest momentum follows Bank of America’s April 13, 2026 upgrade to Buy from Neutral and a price-target increase to $85, which has kept buyers active as the stock pushes toward that level. (investing.com)
2. What changed in the bull case
The upgrade thesis centers on a better medium-term growth and cash-return profile, with increasing emphasis on AI-related power demand and product/platform traction. The call also points to shareholder returns—specifically a roughly $6 billion repurchase program over multiple years—as a support for per-share metrics and sentiment as fundamentals improve. (coincentral.com)
3. What to watch next
With ON now trading near the upgraded target, investors will focus on whether incremental positive datapoints emerge—additional analyst target hikes, follow-through in broader semiconductor tape, and any company updates that reinforce expectations for a margin and growth inflection. A failure to see confirming news flow could make the stock more sensitive to sector pullbacks after the sharp recent run. (zacks.com)