On Semi price target raised to $58 from $54 at B. Riley

Group 1 - B. Riley raised the price target on On Semi (ON) to $58 from $54 while maintaining a Neutral rating on the shares [1] - Global manufacturing PMIs are near 50%, indicating moderate expansion in the U.S. and China, driven by increasing AI infrastructure [1] - There is potential for a fractional upside in consensus estimates for 4Q25 and 1Q26 if Auto and Industrial orders begin to rise [1]