ON Semiconductor (ON) Gets Double-Digit PT Hike, Hits 2-Year High

ON Semiconductor Corp. (NASDAQ:ON) is one of the 10 Stocks Posting Outsized Gains.

ON Semiconductor climbed to an over two-year high on Thursday, extending a rally for 14 straight days, as investors resumed buying positions following an investment firm’s high double-digit price target upgrade, while loading portfolios ahead of its earnings outcome.

In intra-day trading, the stock climbed to a record high of $99.18 before paring gains to end the day just up by 9.88 percent at $7.78 apiece.

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This followed B. Riley’s 80-percent price target upgrade for its stock to $115 from $64, while upgrading its recommendation to “buy” from “neutral” previously.

B. Riley said that the upgrade was based on expectations that ON Semiconductor Corp. (NASDAQ:ON) will report first-quarter earnings in line with consensus, citing emerging growth factors and progress on its exit from non-core revenue streams.

The chipmaker is set to announce its financial and operating highlights after market close on May 4, 2026.

For the period, ON Semiconductor Corp. (NASDAQ:ON) is targeted to report total revenues of $1.435 billion to $1.535 billion, or an implied 0.7 percent decline to a 6 percent growth from the $1.446 billion in the same period last year.

Investors are also expected to watch for ON Semiconductor Corp.’s (NASDAQ:ON) outlook for the second quarter of the year.

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