Onsemi just delivered a quarter that most chipmakers would kill for, and Bank of America responded by cutting its price target. Arya’s adjustment reflects updated modeling that incorporates both recent performance and forward-looking commentary around AI growth trajectories. Why the adjustment matters less than it looksBofA had previously lifted onsemi’s price target to $138 back in May 2026, and the stock responded positively to that upgrade. Onsemi specializes in power and analog solutions, the components that manage electricity in everything from electric vehicles to server racks. What investors should watchThe price target reduction from $138 to $120 represents roughly a 13% haircut in BofA’s expected upside.