ON Semiconductor shares surge 5.17% intraday following $6B buyback plan and analyst upgrades to price targets.

ON Semiconductor surged 5.17% intraday amid investor anticipation of its Q4 earnings report and a $6 billion share buyback plan announced recently. The company’s stable credit outlook and analyst upgrades, including a price target increase to $65 from BofA and a Moderate Buy consensus at $64.59, bolstered optimism. Despite forecasts of a 34.7% EPS decline and 11% revenue drop, the buyback signaled management’s confidence in long-term value, attracting investor inflows. Analysts highlighted the EPS beat in the prior quarter and forward guidance as near-term support, while elevated trading activity around earnings season amplified short-term volatility. The stock’s rise aligns with its sector peers amid broader semiconductor industry momentum, though revenue weakness and valuation concerns remain overhangs.