On Holding price target lowered to $60 from $65 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez lowered the firm’s price target on On Holding (ONON) to $60 from $65 and keeps an Outperform rating on the shares. While the CEO leadership transition will create near-term risk, the firm believes the company is on a stable path of growth and profitability drive by product innovation, 20-25 annual store openings, annual wholesale door growth, increased apparel penetration, expansion into underpenetrated markets, and ongoing marketing campaigns, the analyst tells investors.