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On Holding initiated with a Hold at Truist

On Holding initiated with a Hold at Truist

Truist initiated coverage of On Holding with a Hold rating and $29 price target. The firm sees “strong” growth for the company’s sales and earnings, but at a valuation of nearly 21-times on enterprise value to expected forward EBITDA, it is also “cautious on its valuation”, the analyst tells investors in a research note. These valuation levels suggest a lot of positives for On Holding that are already priced in, and the company would likely need to operate at or near perfection to exceed the Street’s high bar, the firm added.

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