Piper Sandler analyst Anna Andreeva says On Holding (ONON) (ON) reported a “great” Q4 with a 2025 sales growth outlook inline with the buy-side. On’s positioning as a premium brand is unique in the space, with company not seeing the promotional pressure and demand volatility experienced by peers, the analyst tells investors in a research note. Piper notes On outgrew Deckers Outdoor’s (DECK) Hoka brand by 10 points in Q4, the first time in a year. It expects the stock’s outperformance to continue in 2025 and reiterates an Overweight rating on the name with a $62 price target.
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