BofA analyst Thierry Cota lowered the firm’s price target on On Holding (ONON) to $62 from $73 and keeps a Buy rating on the shares. The firm forecasts 32% organic sales growth in Q3, including 21.5% in the “key” Americas region, the analyst tells investors in a preview. If On’s long-term outlook entails a development in team sports, possibly to be presented at a CMD next year, this is slower growth than running and will face strong Adidas (ADDYY) and Nike (NKE) positions, so the risk perception on the stock may rise, says the analyst, who lowers the firm’s price target to factor in the Nike and product diversification risks.
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