StoneX has initiated coverage of ON Semiconductor with a Buy rating and a price target of $110 per share, according to TradingView. The call lands as one of the first formal Wall Street verdicts on the company this coverage cycle.

The target implies meaningful upside from where the stock has traded, though the initiating note itself did not publish an explicit percentage figure in the summary report. What the rating signals is confidence in the company's core business lines.

Why does the rating matter?

ON Semiconductor, known as onsemi, supplies power and sensing chips built on silicon and silicon carbide. Its devices go into electric vehicles, industrial automation, and energy infrastructure — segments where chip content per unit keeps rising.

A Buy initiation from a new covering firm typically widens the analyst pool that follows a stock. That matters for liquidity and for how institutional investors screen the name.

The takeaway: a $110 target from a fresh covering firm resets the reference point for how the market values onsemi's power franchise.

What is the broader context?

Wall Street sentiment toward power semiconductors has swung over the past two years. Demand from electric vehicle makers cooled in 2024, pressuring onsemi's automotive revenue, and the stock has reflected that cycle.

At the same time, silicon carbide remains a strategic battleground. onsemi competes with STMicroelectronics, Infineon, and Wolfspeed for design wins in traction inverters and onboard chargers, where the material cuts energy losses against plain silicon.

The takeaway: this rating is a bet that the power-chip downcycle is closer to its end than its beginning.

What comes next?

Investors will watch whether other firms initiating or revising coverage converge on similar targets, and whether onsemi's upcoming results confirm a recovery in automotive and industrial orders. For now, StoneX has placed its marker at $110.