Mizuho Lifts ON Semiconductor Target to $130 as AI Server and Memory Demand Strengthen
Updated
Updated · Insider Monkey · May 24
Mizuho Lifts ON Semiconductor Target to $130 as AI Server and Memory Demand Strengthen
2 articles · Updated · Insider Monkey · May 24
$130 is Mizuho's new price target for ON Semiconductor, up from $120, with the firm reiterating an Outperform rating.
AI server ramps are driving analog tailwinds, Mizuho said, while NAND and DRAM demand remains strong and supply is expected to stay tight into early 2027.
ON's own outlook also improved: the company forecast Q2 revenue of $1.54 billion to $1.64 billion, above the $1.53 billion consensus, and adjusted EPS of 65 to 77 cents versus 65 cents expected.
First-quarter results had already pointed to a rebound, with revenue of $1.51 billion beating $1.49 billion estimates and adjusted EPS of 64 cents topping the 60-cent forecast; CEO Hassane El Khoury said demand strengthened through the quarter.
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