ON Semiconductor Corp Stock: Cantor Fitzgerald Updates Price Target

ON Semiconductor Corp ($ON) stock makes up 7.2% of David Greenspan's Slate Path Capital equity portfolio. The stock is already up more than 60% year-to-date, and analysts see it rising more. On June 29, Cantor Fitzgerald lifted its price target on ON Semiconductor Corp ($ON) shares to $110 from $100 while maintaining a Neutral rating on the stock. The brokerage noted that the AI infrastructure buildout is fueling demand for semiconductor components. It noted that industry revenue could hit $3 trillion by 2029 and expand to over $3.5 trillion by 2030.

ON Semiconductor Corp's Synaptics Deal

Cantor Fitzgerald updated its call on ON Semiconductor on the back of the company's deal to acquire Synaptics. ON Semiconductor, also known as Onsemi, expects the Synaptics deal to strengthen its AI business and expand its total addressable market by $30 billion to $243 billion by 2030. The $7 billion all-stock Synaptics deal is expected to close in mid-2027 and bolster the company's capability to meet the demand from customers seeking intelligent systems.

■ON Semiconductor Corp manufactures and supplies power and signal management semiconductor components that support a variety of applications. The company's products are used in defense systems, industrial systems, medical devices, cars, and consumer products.

Investment Interest

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The market is reacting to Cantor Fitzgerald's updated call on ON Semiconductor Corp stock. However, some analysts believe the company's strengthened AI business could drive up the stock price. This could be an opportunity for stock investors.