Wells Fargo raised its price target on ON Semiconductor to $100 from $85 and kept its overweight rating on the stock, according to a report carried by MarketScreener.

The $15 increase in the target works out to roughly an 18% upgrade to the bank's valuation of the company. Wells Fargo's decision to hold the overweight rating signals the analysts still expect ON Semiconductor shares to outperform the broader market over the coming period.

ON Semiconductor, which supplies power and sensing semiconductors, has been at the center of the automotive electrification cycle. Its silicon carbide products serve electric vehicle powertrains, a segment where demand from automakers has driven both capacity investment and pricing discussions across the industry. The company sells into automotive, industrial and other end markets that have experienced uneven demand over the past two years.

The analyst action stands out because price target changes from major banks often follow shifts in earnings models, order visibility, or expectations for gross margin recovery. The report did not detail the specific drivers behind the new $100 figure. Such revisions from sell-side institutions typically precede or accompany earnings season updates, when companies refresh guidance on capacity utilization and average selling prices.

For investors tracking the semiconductor supply chain, the move adds a data point to the debate over how quickly power semiconductor makers can convert automotive and industrial demand into revenue. Peer companies in discrete power and analog chips have reported mixed order patterns, with inventory corrections in some industrial segments offsetting growth in vehicle electrification programs.

Wells Fargo's overweight stance keeps the bank among the bulls on the stock. A $100 target implies the analysts see meaningful upside from the price at which the shares traded before the adjustment, though the report did not specify the implied percentage gain.

MarketScreener carried the item without additional comment from the analysts or the company. ON Semiconductor has not publicly responded to the revision, and the bank has not published further detail on the model assumptions behind the new target.

The revision comes as investors weigh how power semiconductor suppliers manage fab loading through the current demand cycle. Wells Fargo's raised target suggests the bank expects ON Semiconductor's fundamentals — order flow, pricing power and end-market demand — to support a higher valuation in the months ahead.