Roger Federer-backed On rises after Raymond James upgrades to "strong buy"

On Holding AG

21/11/2024 16:04

** U.S.-listed shares of Swiss sportswear maker On Holding
 ONON.N  up as much as 3.8% at $55.79 
    ** Brokerage Raymond James upgrades stock to "strong buy"
from "outperform" and adds to its "current favorites" list
    ** Says co's strong YTD results increase confidence in
expectations based on positive brand momentum and capability to
overcome operational hurdles
    ** Also raises PT to $63 from $58 and says ONON's premium
branding and low exposure to China sourcing insulates it from
tariff risk better than peers
    ** Notes Google searches for On have significantly outpaced
larger peers Nike NKE.N , Skechers SKX.N , and Adidas  ADSGn.DE 
    ** 21 of 24 brokerages rate the stock "buy" or higher, and
three "hold"; with a median PT of $60
    ** Including session moves, stock has risen 105% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))