Why ON Semiconductor Corporation (ON) is One of the Top Semiconductor Stocks in Our Ranking of the Top 10 Chip Stocks by YTD Performance

ON Semiconductor Corporation (NASDAQ:ON) is one of the top semiconductor stocks in our ranking of the top 10 chip stocks by YTD performance. Morgan Stanley lifted the price target on ON Semiconductor Corporation (NASDAQ:ON) to $85 from $64, reaffirming an Equal Weight rating on the shares. The firm stated that although it anticipates a “a beat and raise” from the company when it reports its financial results after market close on Monday, May 4, it also believes that “the bar is quite high.”

ON Semiconductor (ON) Jumps 19% on Automotive Production Ramp-Up

In a separate development, ON Semiconductor Corporation (NASDAQ:ON) announced on April 28 an expanded global strategic collaboration with Geely Auto Group to develop next-generation electric and hybrid vehicles. Management stated that the partnership strengthens system-level integration of ON Semiconductor Corporation’s (NASDAQ:ON) advanced silicon carbide (SiC) technologies across vehicles built on Geely’s SEA-S, the Super Hybrid variant of Geely’s Sustainable Experience Architecture. It further stated that the technologies allow higher-voltage 900V architectures that reduce charging times, extend driving range, and improve efficiency, delivering a driving experience with increased convenience, reliability, and speed to customers across the globe.

ON Semiconductor Corporation (NASDAQ:ON) provides intelligent power and sensing solutions with a primary focus on automotive and industrial markets. The company’s operations are divided into the following segments: Power Solutions Group (PSG), Analog and Mixed-Signal Group (AMG), and Intelligent Sensing Group (ISG).

While we acknowledge the risk and potential of ON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ON and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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