ON Shares Plunge 12% Premarket on Synaptics Acquisition; Analysts Raise Targets
ON has more than doubled off its 52-week low of $44.56 on elevated volume (3.6× avg).
Summary
onsemi shares dropped 12% premarket following the announcement of its all-stock acquisition of Synaptics, an enterprise-value transaction near $7 billion. This market reaction suggests investor concern despite the company targeting approximately $200 million in annual synergies and an adjusted EPS boost by mid-2027. The deal, which was initially announced on June 25th and 26th, aims to expand onsemi's edge-AI products for automotive and industrial markets. Notably, analysts from Evercore, B. Riley, and Susquehanna raised their price targets for ON, maintaining bullish ratings.
At the time of this announcement, ON was trading at $90.23 on NASDAQ in the Technology sector, with a market capitalization of approximately $35.5B. The 52-week trading range was $44.56 to $134.92. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Wiseek News.