On Holding price target lowered to $55 from $65 at Piper Sandler

Piper Sandler analyst Anna Andreeva lowered the firm’s price target on On Holding (ONON) to $55 from $65 and keeps an Overweight rating on the shares ahead of quarterly results. The firm notes that the multiple has been contracting sharply since the Q2 2025 print on concerns about slowing growth/rotation out of growth in consumer, although composition of the quarter will still matter: investor focus will be on the Americas, where buy-side expectations are for at least the Street’s 20% cc growth. Piper cites lower multiples across the space for the price target decrease.