On Holding price target lowered to $51 from $60 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on On Holding (ONON) to $51 from $60 and keeps an Outperform rating on the shares. On’s Q1 sales growth of 26.5% in constant currency remains a standout in the sporting goods space and points to continued market share gains in both performance and lifestyle products, the analyst tells investors in a research note. The firm noted the lower price target is due to lower market valuations.