Analysts have set a price target of $115.02 for ON Semiconductor (ON), implying a 43.05% upside from its current price of $80.40, with a 90% confidence level. This rating is based on the company's projected quadrupling of free cash flow, a doubling of AI data center revenue by 2026, and a recently authorized $6 billion stock repurchase program. Despite a recent pullback in ON Semiconductor's stock price, which saw a 9.7% decline over the past week and an 11.86% drop over the past month, it is still up 48.48% year-to-date. The company reported strong Q2 2026 results, with non-GAAP EPS of $0.74, exceeding the expected $0.72, and revenue increasing 9.2% year-over-year to $1.6 billion. Management projects Q3 revenue to be between $1.65 billion and $1.75 billion, with non-GAAP EPS between $0.81 and $0.93, both higher than the previous quarter.