On Holding price target lowered to $64 from $66 at TD Cowen

TD Cowen analyst John Kernan lowered the firm’s price target on On Holding (ONON) to $64 from $66 and keeps a Buy rating on the shares. The firm updated its model following better than expected Q4 results and noted Management’s initial FY25 guidance highlights robust growth and improved margin expansion in FY25. Cowen views the guidance as beatable but not overly conservative, similar to initial FY24 results vs expectations.