ON Semiconductor Corporation is trading 6% up at $123.80 following a price target increase from Citi and a broader recovery in the semiconductor sector.
- Citi raised its price target from $100 to $120 and placed the stock on a 90-day upside catalyst watch ahead of a September analyst day focused on data center opportunities.
- Easing inflation and a sector-wide rebound in semiconductors are supporting broader risk-on sentiment across the technology landscape.