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ON Semiconductor rises on upbeat forecast, Ferric deal

By Reuters News

** Chipmaker ON Semiconductor Corp ON.O shares rise 3.6% to $72.65 premarket

** Co announces acquisition of Ferric for $600 mln in cash plus up to $175 mln if certain revenue milestones are met

** Ferric designs power converters and voltage regulators for semiconductors, which help improve processor efficiency

** Expect AI data center revenue to more than double year-over-year in 2026 and double again in 2027

** Forecast Q4 revenue between $1.72 billion and $1.82 billion and adjusted EPS of 95 cents to $1.07, both largely above estimates

** Operating expenses relatively flat in Q3 due to cost control

** Of the 31 analysts covering the stock, 17 have a "hold" rating, 12 a "buy" and 2 "strong buy"; their median PT is $99 - data compiled by LSEG

** Up to last close, stock has risen 29.5% YTD

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