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ON Semiconductor rated Strong Buy with $126 target, 30% upside on AI and EV growth drivers.

Analyst Insights
07 Jul 2026
Seeking Alpha
View Source
Bullish
pluang ai news

ON Semiconductor is rated a Strong Buy with a $126 price target, suggesting about 30% upside from its current $97 share price. Key growth drivers include AI data center power, automotive content expansion via 900V EV platforms, and advanced technologies like EliteSiC and vertical GaN. The company's forward non-GAAP PEG ratio of 0.95x is attractive compared to the sector median of 1.37x, supporting EPS growth from $2.84 in 2026 to an estimated $4.265 in 2028. The price target is based on applying a 29.43x forward non-GAAP P/E multiple to the 2028 EPS estimate, indicating strong potential for investors.

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