Movement Alert｜ON Semiconductor Falls 5.01% in Regular Trading, Multiple Institutions Cut Target Prices Post-Q2 Beat Triggering Profit-Taking

Market Focus08-06

On August 6, ON Semiconductor fell 5.01% in regular trading, trading at $76.9/share, with turnover of $968 million. The stock gave back post-earnings gains as multiple Wall Street firms slashed their target prices despite maintaining positive ratings, triggering broad profit-taking.

Following Q2 results that beat consensus — adjusted EPS of $0.74 vs. $0.71 expected, revenue of $1.60 billion vs. $1.59 billion expected — several institutions cut targets significantly: Citigroup lowered to $98 from $120 (Neutral), Wells Fargo to $110 from $130 (Overweight), Needham to $116 from $130 (Buy), Mizuho to $110 from $125 (Outperform), and B. Riley to $127 from $135 (Buy). The downgrades reflect concerns that automotive revenue (~49% of sales) and industrial revenue (~26% of sales) both came in below consensus, posting only mid-single-digit year-over-year growth despite the broader cyclical recovery narrative. While the company guided AI data center revenue to more than double in full-year 2026, the disconnect between strong AI momentum and tepid core end-market recovery weighed on sentiment.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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