---
title: "Needham reiterates Buy rating on ON Semiconductor, $116 price target"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/299307814.md"
description: "Needham reiterated a Buy rating on ON Semiconductor with an $116 price target, implying 74.2% upside from the September 16 close of $66.60. The firm cites robust long-term growth strategies targeting 12%-14% revenue CAGR through 2030 and strong data center demand, expecting revenue to double by FY26 and again by FY27."
datetime: "2026-09-17T10:54:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/299307814.md)
  - [en](https://longbridge.com/en/news/299307814.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/299307814.md)
generator: "portal-rs"
---

# Needham reiterates Buy rating on ON Semiconductor, $116 price target

Needham reiterated their Buy rating on ON Semiconductor's stock with a price target of $116.00.

The price target implies an upside of 74.2% from the Sep 16 close of $66.60.

**Key takeaways from the analyst note**

**Robust Long-Term Growth Strategy**: ON Semiconductor has outlined a compelling long-term growth strategy, targeting a 12%-14% revenue CAGR through 2030 while addressing a total addressable market of $213 billion. This positions the company to capitalize on expanding sectors such as automotive, industrial automation, and AI data centers.

**Strong Demand in Data Centers**: The company anticipates its data center revenue to more than double in FY26, with visibility of it doubling again in FY27, supported by a projected growth rate exceeding 50% CAGR through 2030. This momentum is driven by the shift towards 800V architectures, which significantly increases per rack content and overall efficiency.

Explore more price target data and ratings for ON Semiconductor on the .

**Disclaimer**

Select reference data provided by Benzinga. This information is not a recommendation for what you should do personally and does not constitute investment advice.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**