On Holding price target raised to $63 from $55 at Baird

Baird raised the firm’s price target on On Holding (ONON) to $63 from $55 and keeps an Outperform rating on the shares. The firm said Q3 results topped consensus and met recent high expectations, and the drivers of the upside, especially the strong sequential global DTC acceleration and gross margin upside, highlight very positive implications from ongoing brand awareness increases and premium innovation.