Sneaker and sportswear company On Holding (ONON) is getting lots of love from Wall Street.
ONON stock has received glowing reviews from multiple analysts, with Bank of America (BAC) calling the Swiss shoemaker “a home run.” Both Bank of America and UBS (UBS) reiterated Buy ratings on ONON stock and lifted their price targets on the shares. UBS named On Holding a leading growth stock.
The bullish reports come after Switzerland-based On Holding reported better-than-expected fourth-quarter 2024 financial results, along with strong forward guidance. “We think On’s continued focus on innovation, performance, athletes, sports, direct-to-consumer selling, and maintaining a premium, full-price brand image will lead to industry leading sales growth,” said UBS in a note to clients.
Price Targets
UBS has raised its price target on ONON stock to $73 a share, up from $65 previously. The new price target from UBS implies about 40% upside from where the shares are currently trading. Bank of America also has a $73 price target on the stock.
“ONON is a highly innovative athletic footwear brand well positioned to gain share,” said Bank of America. “We expect its superior growth to be fueled by strong brand heat momentum and product diversification opportunities.”
ONON stock is down 4% so far this year.
Is ONON Stock a Buy?
The stock of On Holding has a consensus Strong Buy rating among 19 Wall Street analysts. That rating is based on 17 Buy and two Hold recommendations assigned in the last three months. The average ONON price target of $65.24 implies 24.62% upside from current levels.
