ON Semiconductor: Neutral Stance Maintained as Technology Gaps Temper Recovery Despite Higher $100 Price Target

ON Semiconductor, the Technology sector company, was revisited by a Wall Street analyst today. Analyst Tristan Gerra from Robert W. Baird maintained a Hold rating on the stock and has a $100.00 price target.

Tristan Gerra has given his Hold rating due to a combination of factors related to ON Semiconductor’s relative underperformance and evolving product mix. While the broader analog and power semiconductor peers are showing stronger year‑over‑year revenue growth and faster gross margin recovery, ON’s rebound is slower, signaling ongoing share loss tied to prior product rationalization and a 2021‑2022 pricing stance. He also notes that long‑term supply agreements, though shrinking, still make up a large share of projected 2026 sales and continue to pressure pricing and margin dynamics.

Tristan Gerra’s rating is based on ON’s mixed strategic positioning in next‑generation power technologies and electric vehicles, offset by emerging opportunities. The company’s late move into high‑voltage GaN for AI data centers and the absence of ultra high‑voltage SiC leave it less competitive at the very high‑end, even as SiC content should rise with platforms like Kyber and future programs such as Feynman needing higher voltages. ON’s solid presence in China’s EV market and growing GaN design funnel support long‑term potential, but the combination of slower financial recovery and technology gaps justifies maintaining a neutral stance despite a higher price target of $100.

In another report released today, Barclays also maintained a Hold rating on the stock with a $100.00 price target.