On Semi downgraded to Hold at Benchmark with limited near-term catalysts

As previously reported, Benchmark downgraded On Semi (ON) to Hold from Buy with shares now trading above the firm’s prior $60 price target Absent clearer evidence of a material growth inflection, the firm sees limited near-term upside and views margin pressure as likely to persist, the analyst tells investors. While “upbeat” on the AI data center opportunity, the progression of the Treo platform and emerging VGaN technologies, the firm does not expect these initiatives to contribute meaningfully to revenue until 2027 and believes shares reflect fair value despite the emerging recovery, the analyst added.