Are Wall Street Analysts Predicting ON Semiconductor Stock Will Climb or Sink?

Scottsdale, Arizona-based ON Semiconductor Corporation (ON) provides intelligent sensing and power solutions in the United States and internationally. The company has a market cap of $32.8 billion and operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. 

ON stock has rallied the broader market over the past year, growing 48.5% compared to the S&P 500 Index’s ($SPX) 16.9% surge. Moreover, in 2026, the stock has grown by nearly 59.2%, outperforming the SPX’s 8.7% rise.           

Focusing on its industry benchmark, the State Street Technology Select Sector SPDR ETF (XLK) has risen 32.8% over the past year, underperforming the stock. In 2026, XLK has grown 22.1% and has lagged behind the stock.  

On July 9, ON stock rose 4.4% following a recent selloff, with reports revealing that China may ease restrictions on advanced Nvidia Corporation's (NVDA) AI chip imports. Chinese authorities recently permitted top technology companies, including Alibaba, ByteDance, and DeepSeek, to purchase a limited quantity of Nvidia's H200 AI processors for model training. Being a major player in the semiconductor and chip business, investor confidence over the end of such a big trade restriction affected ON stock positively.  

For the current year, which ends in October, analysts expect ON’s EPS to increase 31.5% to $3.09 on a diluted basis. The company surpassed the consensus estimate in three of the last four quarters, while missing on one occasion.

Among the 28 analysts covering ON stock, the consensus is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, two “Moderate Buys,” and 17 “Holds.”   

The configuration has turned less bullish over the past month, with the stock now having nine “Strong Buy” ratings, as compared to 11 a month ago.

On July 20, Wells Fargo analyst Joseph Quatrochi maintained a “Buy” rating for ON stock and lowered its price target from $160 to $130.

ON’s mean price target of $110.83 offers an upside of 31.2% compared to the current market price. Its Street-high target of $150 implies a robust 77.5% upside from current levels.