Piper Sandler raised the firm’s price target on On Semi (ON) to $75 from $65 and keeps an Overweight rating on the shares. The firm believes ON Semi reported good results, and notes that the numbers are masked by exits from non-core business. The core industrial business as well as the efforts into AI data center are resulting in real growth, however roughly $40M of exits from noncore in the December 2025 quarter and another $50M expected of non-core exits in the March 2026 quarter are masking growth, Piper adds.
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