# ON Semiconductor Corp (NASDAQ:ON) gained analyst support as improving fundamentals and shareholder returns drove a bullish call despite near-term industry headwinds.

*business · news · 2026-04-13 · Benzinga*

## Key points

- B of A Securities upgraded ON Semiconductor to Buy and raised its price target to $85.
- ON Semiconductor announced a $6 billion buyback plan and targets 30% EBIT margin by 2028.
- The stock trades at a premium P/E of 236.7x, significantly above industry peers.
- ON Semiconductor's next earnings report is estimated for May 4, 2026, with higher EPS and revenue forecasts.

**Companies:** ON Semiconductor Corp

[Read the full story on Benzinga](https://www.benzinga.com/analyst-stock-ratings/upgrades/26/04/51787940/on-semiconductors-6-billion-buyback-ai-growth-shift-narrative)

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