ON Semiconductor Price Target Raised to $120 as Shares Jump 5%
ON•Shares jumped 5% after the price target was raised to $120 from $100, reflecting a 20× 2028 earnings multiple versus a 17× average. EPS forecasts were lifted to $3.07, $4.64 and $6.00 for 2026-28, and the stock was placed on a 90-day Upside Catalyst Watch ahead of a September Analyst Day.
1. Price Target Increase
The price target rise to $120 from $100 drove a 5% share increase, based on a 20× 2028 earnings multiple compared with a 17× historical average.
2. EPS Forecast Revisions
EPS forecasts were lifted to $3.07 for 2026, $4.64 for 2027 and $6.00 for 2028, supported by expectations of higher pricing and a sustained analogue semiconductor market recovery.
3. Upside Catalyst Watch and Analyst Day
The stock was added to a 90-day Upside Catalyst Watch ahead of a September Analyst Day, where management will highlight data centre power infrastructure strategies and silicon carbide technology growth prospects.
