Susquehanna Cuts ON Semiconductor (ON) Price Target to $120
Key Points
- Susquehanna reiterated its Positive rating on ON Semiconductor Corporation on October 21, 2026, reducing its price target to $120 from $150.
- Susquehanna's $120 price target implies 64.82% upside from ON Semiconductor Corporation's ($ON) current $72.81 share price.
- ON Semiconductor recently traded around $72.81, down about 5.4% from its October 21 closing price of $76.94.
- The company reports trailing twelve-month revenue of $6.2 billion with a price-to-earnings ratio of 49.6.
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On October 21, 2026, Susquehanna maintained its Positive rating on ON Semiconductor Corporation (NasdaqGS: ON) while lowering its price target from $150 to $120. The research note update arrived on a day when shares of the semiconductor maker closed at $76.94.
ON
ON Semiconductor Corporation
Susquehanna's Call on ON Semiconductor Corporation
In its October 21 note, Susquehanna kept its Positive rating on the chipmaker while adjusting its target downward from $150 to $120. The firm joined several other Wall Street analysts in modifying targets for the company during October 2026.
Other Institutional Activity in ON Semiconductor Corporation
Institutional investors continue to adjust their holdings in the chip sector. Jupiter Topco LLC grew its holdings by 6,713,764 shares during its reporting period ended June 30, 2026, ending with 13,427,527 shares worth about $979,739,458.
ON Semiconductor Corporation Stock Down 3.7%
ON Semiconductor Corporation shares recently traded around $72.81 as of October 22, 2026, sitting about 5.4% below their October 21 closing price of $76.94. The stock trades below both its 50-day moving average of $75.57 and its 200-day moving average of $81.91. The company has a market capitalization of roughly $30.0 billion, a trailing price-to-earnings ratio of 49.6, and a forward P/E of 17.0.
$ON price target
ON Semiconductor Corporation daily closes and this analyst's $120 target. Not advice.
Recent Earnings
ON Semiconductor Corporation reported trailing twelve-month revenue of $6,197,799,936 alongside earnings of $1.55 per share. The company posted a net profit margin of 10.2% and an 8.3% return on equity. The next earnings release is scheduled for November 2, 2026.
Insider Buying and Selling at ON Semiconductor Corporation
Company insiders completed several stock transactions earlier in the year. Officer Simon Keeton disposed of 48,860 shares valued at $3,505,699 on February 17, 2026. Officer Sudhir Gopalswamy sold 6,114 shares for $358,708 on March 13, 2026, at an average price of $58.67. Chief Financial Officer Thad Trent parted with 30,000 shares worth $2,400,000 at $80.00 per share on April 16, 2026, and subsequently disposed of another 60,000 shares valued at $5,790,000 on April 24, 2026.
Analysts Set New Price Targets
Wall Street firms have actively reviewed ON Semiconductor Corporation throughout October 2026. On October 2, Wells Fargo maintained its Overweight rating while lifting its target from $85 to $100. Stifel kept a Hold rating on October 5 with a target increased from $75 to $80. StoneX initiated coverage with a Buy rating and a $110 target on October 15. TD Cowen maintained a Hold rating on October 19 while reducing its target from $95 to $75. Overall, the stock carries a consensus buy rating from 27 analysts, with a mean price target of $102.81.
About ON Semiconductor Corporation
Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation designs and manufactures power and sensing semiconductor components. The company serves automotive, industrial, and communications markets through power management chips and intelligent sensing solutions.
Bottom Line
Susquehanna's updated target highlights shifting expectations among analysts covering the chip sector. Investors will look toward the upcoming earnings report on November 2, 2026, for fresh details on financial performance.
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Source: Susquehanna's rating change on $ON (Oct 21, 2026). Written by software, not financial advice. How we make alerts