Wells Fargo Maintains an “Overweight” rating on ON Semiconductor Corporation (ON) - Insider Monkey

Wells Fargo maintained its 'Overweight' rating on ON Semiconductor (ON) and raised its price target to $140 from $115 on June 9, 2026. The bank highlighted the emergence of 'physical AI' and humanoid ... Read original →

Wells Fargo’s $140 price target for ON Semiconductor hinges on GaNEXUS addressing AI infrastructure’s power-efficiency ceiling. By integrating protection circuitry into GaN FETs, ON slashes BOM complexity in data centers and humanoid robots—forcing Infineon and STMicroelectronics to accelerate reliability validation. Technically, merging Treo with GaNEXUS shifts ON from component vendor to system-solution provider, pressuring smaller analog IC rivals. Geopolitically, while U.S. CHIPS Act subsidies favor domestic GaN fab expansion, sub-650V wafers remain heavily reliant on foundries in Taiwan, China, exposing supply chain fragility. Over the next 18 months, if ON secures co-design deals with major cloud providers around 800V server architectures, it locks in a moat; otherwise, TI or ADI could leapfrog with highly integrated PMIC suites.