On Holding price target lowered to $58 from $60 at Evercore ISI

Evercore ISI lowered the firm’s price target on On Holding (ONON) to $58 from $60 and keeps an Outperform rating on the shares. Q4 in total was solid, with EBITDA well above estimates, though DTC was slightly below the firm’s model, potentially on a combo of slower Asia & Apparel sales, the analyst tells investors in a research note. The firm added that the gross margin outlook is clearly improving, with On now guiding to 20 basis points of GM expansion.