Why ON Semiconductor Stock Is Trading Higher

ON Semiconductor Corp ON shares are trading higher by 7.20% to $71.03 during Monday's session after Truist Securities maintained a Buy rating on the stock and raised its price target from $72 to $83.

What Else?

ON Semiconductor shares are potentially trading higher in sympathy with major indices amid strength in tech stocks. Additionally, Barclays upgraded its ratings on multiple semiconductor stocks. Elliott Management reportedly took a multi-billion dollar stake in Salesforce, lifting market sentiment.

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According to data from Benzinga Pro, ON has a 52-week high of $77.28 and a 52-week low of $44.76.