Truist analyst Joseph Civello lowered the firm’s price target on On Holding (ONON) to $48 from $55 and keeps a Buy rating on the shares. The bull/bear debate for On Holding remains fierce with a substantial profitability beat highlighting the benefits of the brand’s premium positioning while softer results for US/DTC added fuel to the bear thesis about the long-term growth profile, the analyst tells investors in a research note. The firm continues to believe the brand has real momentum and that On is in an enviable position due to its affluent customer base and low awareness.
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