On Holding cut to Neutral at Goldman Sachs on slower growth, competition

Goldman Sachs downgraded On Holding (ONON) to Neutral from Buy with an unchanged $57 price target The company’s brand momentum should remain robust over the medium term, and the recent datapoints reinforce this view, with Google search interest at an all-time high, and HundredX data suggesting a market leading NPS and its survey data pointing to consumers continuing to favor On shoes mainly for their comfort, the analyst tells investors in a research note. Near term, however, the recent U.S. credit card data points to U.S. growth below consensus, the firm states, adding that On’s competitors are increasingly focusing on winning back market share in running, potentially leading to a more competitive backdrop going forward.