ON Semiconductor could be one of the semiconductor sector's biggest comeback stories, according to an analysis published by 24/7 Wall St. That is the publication's verdict on a company whose stock has spent the past two years firmly out of investor favor.

It's a bold call. ON, the Phoenix-based supplier of power and sensing chips, rode the electric-vehicle boom to record results in 2022 and early 2022023, then watched automotive demand cool and its shares slide. The 24/7 Wall St. piece positions the company as a prime candidate for a reversal as the cycle turns.

Why a comeback now?

The analyst argument rests on the mechanics of semiconductor cycles. Power-management and silicon carbide chips sit at the center of EV drivetrains and industrial electrification. Demand for those end markets softened after the 2021–2022 shortage gave way to inventory digestion across automotive customers.

24/7 Wall St.'s framing suggests the downcycle has priced in the bad news. When a chipmaker's valuation compresses far enough, even modest demand recovery translates into outsized share-price gains — the pattern behind most of the sector's celebrated comebacks.

What does ON actually bring to the table?

ON's portfolio spans three businesses the publication treats as recovery levers:

• Power Solutions Group, its silicon and silicon carbide discrete business, the unit most tied to EV inverter demand
• Analog and Mixed-Signal Group, which sells power management into automotive and industrial systems
• Intelligent Sensing Group, the image-sensor line serving ADAS and industrial machine vision

The company built out silicon carbide capacity aggressively during the upcycle, signing long-term supply agreements with automakers. That capacity weighed on margins when EV growth slowed. In a recovery scenario, the same fabs become the asset that captures the upside.

How solid is the case?

Caveats matter here. The 24/7 Wall St. piece is an investor-facing argument, not a company disclosure, and it does not commit to specific revenue or unit-shipment targets. Comeback calls in semiconductors hinge on timing — call the turn too early and the stock keeps bleeding; too late and the rally runs without you.

What's confirmed is the shape of the story: ON remains a top-tier supplier in power semiconductors, its end markets are cyclical rather than structurally impaired, and sentiment toward the stock sits near multi-year lows. Those are the raw materials of a comeback narrative.

What comes next?

The recovery thesis now faces its test in ON's upcoming earnings reports, where automotive bookings and silicon carbide utilization rates will show whether the cycle has genuinely turned — and whether this comeback call lands early or just loud.