On Semi price target raised to $130 from $120 at Mizuho

Mizuho analyst Vijay Rakesh raised the firm’s price target on On Semi (ON) to $130 from $120 and keeps an Outperform rating on the shares. The firm upped price targets in the semiconductor space after analyzing the impact of AI data centers on the analog and memory markets. Channel checks show analog continues to see tailwinds from AI server ramps while memory continues to see tailwinds across NAND and DRAM from AI server demand, the analyst tells investors in a research note. Mizuho expects supply to remain tight into the first half of 2027 and highlights that a potential Samsung strike is looming.