ON Semiconductor shares jump 5.06% after-hours as BofA raises price target to $65 from $60, reflecting improved analyst sentiment.

ON Semiconductor Corporation (ON) rose 5.06% in after-hours trading, driven by a $6 billion stock buyback plan announced by the company and a price target upgrade from BofA to $65 from $60. The buyback plan, highlighted in a Simply Wall St. report, signals management’s confidence in the stock’s value, while the analyst upgrade reinforced positive sentiment. These developments offset broader concerns about Q4 earnings and revenue declines, as Wall Street forecasts a 34.7% drop in EPS and 11% revenue contraction. Despite mixed fundamentals, the immediate catalysts—capital return initiatives and upgraded analyst expectations—prompted a sharp post-market rebound.