Quick Read – ON (NASDAQ:ON) earns a 90% confidence BUY rating with a $124 target as AI data center revenue doubles and gross margins recover to 39%. – At a forward P/E of 31, ON slots between NXPI’s 20 and TXN’s 41, making the $124 price target look reasonable rather than…
gressive. – Barclays set a $75 bear target citing China exposure while free cash flow fell 52% and buybacks consumed 160% of FCF. – ON Semiconductor’s (NASDAQ:ON) rebound has been one of the semiconductor sector’s more dramatic stories of 2026, and our proprietary model still sees room to run. The stock trades at $95.96 after a 77.21% year-to-date rally that cooled from a $134.92 52-week high
Our 24/7 Wall St. price target for ON Semiconductor is $123.74, implying 28.94% upside over the next 12 months. The model’s rating is buy, with high confidence at 90%. 24/7 Wall St. Price Target Summary From Cyclical Trough to AI Data Center Breakout ON has whipsawed investors.
Shares sat at $48.11 last September and ripped to $125.90 by mid-June before pulling back 12.9% over the past month. Q1 2026 confirmed the inflection: revenue of $1.513 billion topped expectations by 1.72%, non-GAAP EPS of $0.64 exceeded expectations by 4.03%, and non-GAAP gross margin recovered to 38.5% from a depressed 20.3% a year earlier. CEO Hassane El-Khoury said the business has “moved beyond the cyclical trough on a path to recovery”, with AI data center revenue more than doubling year over year.