Williams Trading downgraded On Holding (ONON) to Hold from Buy with a price target of $47, down from $55. The firm believes the company’s recent product segmentation decisions “are doing more harm than good.” On’s wholesale order growth in the Americas will decelerate in fiscal 2026, and its wholesale order growth in Europe will slow for the “foreseeable future,” the analyst tells investors in a research note. Williams adds that the company’s increased direct-to-consumer costs are likely to result in EBIT margin pressure over time.
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