Honestly, ON has been wild over the last year. Looking at the price history, it’s almost comical: hanging out in the 40s and 50s for months, then suddenly ripping all the way to 88 in April and now at 113.11. Volatility like this always makes me pause, but it’s hard to ignore the story here.
I’m bullish from this level, even if it feels a little late to the party. My target is 134.00. ON’s exposure to power management and EV semis gives it some legit tailwinds, especially as automakers keep doubling down on electrification and grid upgrades keep getting budget. There’s actual demand behind the hype. Plus, their recent earnings blowout (and that pop in April) wasn’t just some meme spike margins are up, and guidance was solid. The market wanted proof, and ON delivered.
My main hesitation: you’re basically buying into a name that just more than doubled in a few months. If sentiment turns or the next quarter is just "okay" instead of great, this could retrace 10 15 percent without blinking. That’s a real risk, and I wouldn’t size up too much here. But I don’t think the growth is fully priced in yet, and as long as they keep showing improving numbers, the multiple can move higher.
The big catalyst ahead is the next quarterly report in about 10 weeks. If we get another beat and a confident outlook, I see momentum carrying through. Not a home run setup, but I like the risk/reward for patient holders at this level.
