Overview
- Shares reached a fresh 52-week peak near $99 after B. Riley raised its rating to Buy and lifted the price target to $115.
- The upgrade pitches ON as a recovery story built on power chips like silicon carbide and vertical gallium nitride, which manage high-voltage energy in EVs and factory equipment.
- Management has flagged early stabilization and is leaning on cash returns, with FY2025 revenue down 15% to $5.995 billion but record free cash flow of $1.418 billion and a $6 billion buyback.
- Next up is Q1 2026 results after the close on May 4, with revenue expected around $1.435 billion to $1.535 billion and investors focused on guidance and gross margins.
- Skepticism lingers, as Jim Cramer called the surge “a bit of a mystery” given auto-market weakness, while some research points to longer chip lead times that can support pricing.