StoneX 首次覆盖安森美予买入、目标价 110 美元，但属券商观点且盘前股价反跌 3%，无新增基本面事实

StoneX initiated coverage of ON Semiconductor ( ON ) with a Buy rating saying the chipmaker could benefit from a recovery in semiconductor demand and growth in automotive and AI data center power systems. Stock is down 3% in Thursday premarket trading at $ 71.12. Brokerage set a $110 price target, which is a 54% upside from the current level. Target is based on 16 times StoneX's fiscal 2028 adjusted earnings-per-share estimate, including the expected contribution from Synaptics but excluding stock-based compensation. StoneX estimates the acquisition could add 5% to 10% to earnings per share. The brokerage sees Onsemi's earnings growth coming from new products, improving factory utilization, and its planned acquisition of Synaptics, rather than relying solely on AI data center spending. StoneX expects Onsemi's AI data center revenue to rise to more than $2.5B by 2030 from about $500M in 2026. The transition to 800-volt direct-current power systems could increase the company's addressable content per data center rack to about $115,000 from roughly $15,000, it said. The brokerage also expects onsemi to report stronger results and margins in the second half of 2026, with improving orders and the effects of price increases becoming more visible.