ON Semiconductor shares fell 1.35% to $72.61 on Wednesday as U.S. stocks opened lower and semiconductor and memory-chip shares led a risk-off session. The Nasdaq declined 1.05%, the S&P 500 fell 0.55% and the Technology sector dropped 1.0%, while the Philadelphia Semiconductor Index fell more than 1% at one point. Seaport Global analyst Jay Goldberg initiated coverage with a Buy rating and a $100 price target, citing improving industrial and automotive demand for analog semiconductors, expanding gross margins, potential benefits from Onsemi’s Synaptics deal and exposure to the expected 800V data-center buildout in 2027 and 2028. ON traded below its 50-day and 200-day simple moving averages but above its 20-day average, with a September death cross still weighing on the broader trend and RSI at a neutral 47.95. The estimated November 2, 2026, earnings report is the next major catalyst, with analysts expecting EPS of 88 cents and revenue of $1.70 billion, compared with 63 cents and $1.55 billion a year earlier. The stock has a Buy consensus and an average price target of $105.05.