Baird placed a “Bullish Fresh Pick” on On Holding (ONON) while keeping an Outperform rating on the name with a $63 price target following the recent selloff. On has high U.S. sourcing exposure to Vietnam, which is a key market concern, but also a potential positive pending negotiations and concessions, the analyst tells investors in a research note. The firm believes the company has below-average earnings risk given its “brand momentum, high margin, and pricing power.” It also believes On’s fiscal year revenue guidance has conservatism baked in.
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