KeyBanc raised the firm’s price target on On Holding (ONON) to $68 from $60 and keeps an Overweight rating on the shares. The firm believes that On Holding has one of the best setups into 2025, with positive brand momentum, still relatively low awareness, and building brand heat. Operationally, KyeBanc will also lapse choppiness from European wholesale closures as well as distribution center headwinds, with the Atlanta DC opening this year. The Cloud 6 and refreshes in other key franchises should act as a tailwind for purchasing for On Holding, even after coming off a record year in 2024, and apparel remains a potential catalyst for the brand after last year’s overhaul. This easily could be another year of high-20s top-line growth and better than expected profitability, in the firm’s view.
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