Bernstein analyst Aneesha Sherman maintained a Buy rating on On Holding AG today and set a price target of $70.00.
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Aneesha Sherman has given his Buy rating due to a combination of factors including solid top-line momentum and a meaningful upside surprise on profitability. While first-quarter revenue broadly matched market expectations, growth above 26% in constant currency, led by stronger direct-to-consumer performance and robust regional trends in EMEA and APAC, underscores the strength of On’s brand and product pipeline.
The upgrade to margin guidance further supports a constructive view, with gross margin expanding sharply despite tariff headwinds and adjusted EBITDA and EPS significantly exceeding consensus. Management’s reaffirmed outlook for at least 23% constant-currency sales growth through FY26, alongside raised targets for gross margin and EBITDA margin, suggests durable earnings power and justifies maintaining the unchanged $70 price target and Buy recommendation.