Mizuho Maintains an “Outperform” Rating on ON Semiconductor Corporation (ON)

ON Semiconductor Corporation (NASDAQ:ON) is one of the 10 Best Performing Quantum Computing Stocks So Far in 2026.

On May 19, Mizuho analyst Vijay Rakesh raised ON Semiconductor Corporation (NASDAQ:ON)’s price target to $130 from $120. The analyst maintained an “Outperform” rating on the shares, telling investors that channel checks show “analog continues to see tailwinds from AI server ramps.” The firm also stated that memory demand remains strong across NAND and DRAM, with supply expected to stay tight into early 2027.

On May 5, Reuters reported the company forecasted Q2 revenue of $1.54 billion to $1.64 billion. It surpassed estimates of $1.53 billion. The firm also projected adjusted EPS of 65 to 77 cents, as compared to expectations of 65 cents.

Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

ON Semiconductor Corporation (NASDAQ:ON) delivered a strong first quarter, reporting revenue of $1.51 billion, beating estimates of $1.49 billion. The corporation posted adjusted EPS of 64 cents, ahead of the 60-cent estimate, Reuters said.

CEO Hassane El Khoury said demand “strengthened through the quarter,” and that the company has “moved beyond the cyclical trough.”

ON Semiconductor Corporation (NASDAQ:ON) provides intelligent power and sensing solutions primarily for the automotive and industrial markets. It works in the Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group segments.

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