Barclays starts On Holding with Overweight on low brand awareness

Barclays initiated coverage of On Holding with an Overweight rating and $38 price target. The analyst says On has the fastest growth in U.S. footwear and relatively low brand awareness to drive future growth. The company has growth opportunities through its owned direct-to-consumer aiding awareness, expanding wholesale doors, and category expansion into apparel, the analyst tells investors in a research note. The firm believes continued execution in the growth story from here is what will drive the stock higher.