On Holding CEO change not reflective of current business challenges, says BTIG

BTIG reiterated a Buy rating and $70 price target on On Holding (ONON) after thee company announced the appointment of co-founders David Allemann and Caspar Coppetti as co-CEOs, while current CEO and CFO Martin Hoffmann will step down from his roles. After speaking with the company, the firm does not believe this is reflective of any challenges in the current business, but rather a transition that coincides with its next phase of growth currently being formulated and Hoffmann’s desire to pursue more personal interests. Management stressed this decision is not correlated with how the current business is doing and their excitement regarding the year ahead is “as high as ever,” the analyst tells investors in a research note.