On July 21, ON Semiconductor rose 5.06% in regular trading, trading at $91.085/share, with turnover of $258 million. The stock benefited from a broad-based rally across the semiconductor sector, with multiple chip names posting significant gains.
The semiconductor industry saw widespread strength, with Micron Technology surging 12.79%, Intel climbing 8.36%, Advanced Micro Devices gaining 7.52%, and Taiwan Semiconductor Manufacturing rising 5.14%. The rally comes amid an ongoing power semiconductor pricing upcycle, with nearly 20 analog and power semiconductor companies having initiated new rounds of price increases starting July 1, as order backlogs remain full and capacity visibility improves significantly.
On the analyst front, Wells Fargo on July 20 lowered its price target on ON Semiconductor to $130 from $140 but maintained its Overweight rating, while the consensus mean target stands at $115.55. Susquehanna recently raised its target to $150 from $140, reflecting continued positive institutional sentiment on the stock's longer-term outlook.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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