ON Semiconductor

ON Semiconductor presented a $213 billion TAM at its investor day, $30 billion below the $243 billion figure cited in June, and the stock fell about 9% during the event. CEO Hassane El‑Khoury said the June number reflected the pending Synaptics deal and that the companies remain separate until the transaction closes mid‑2027. Management anchored AI data‑center growth to consensus plus a 10‑point outgrowth tied to design wins that have yet to produce visible revenue, while a 53% gross‑margin target depends on a shift to higher‑margin silicon carbide, gallium nitride and Treo analog content. The presentation raised concerns about integration risk and limited downside protection given a trailing P/E of about 47 versus a forward P/E near 17 and analyst targets around $107. » More on finance.yahoo.com

Baird raised its price target for ON Semiconductor to $108 from $100 but kept a Neutral rating after stronger-than-expected Q2 results, upbeat Q3 guidance, and management's forecast that AI data center revenue will more than double in 2026. The analyst cited improving momentum across AI data centers, industrial, EV and China end markets and expects margins could exceed 50% this cycle. Concerns about market-share losses to ST and Texas Instruments and limited internal manufacturing capacity prevent an upgrade. Hedge fund ownership was mixed and short interest remains elevated at 11.05%. » More on finance.yahoo.com

ON Semiconductor reported Q2 non-GAAP EPS of $0.74 on $1.60bn revenue, with free cash flow quadrupling and management saying AI data center revenue should more than double in 2026. The company authorized a $6bn buyback, guided Q3 above recent quarters, and 24/7 Wall St. assigns a $115 price target (≈43% upside) and a Buy rating. Key risks include Synaptics integration, exposure to automotive and China, and analog segment softness flagged by Barclays. » More on finance.yahoo.com