On Holding stock price target raised to $70 from $63 at Williams Trading

Investing.com - Williams Trading raised its price target on On Holding AG (NYSE:ONON) to $70.00 from $63.00 while maintaining a Buy rating following the company’s second-quarter 2025 performance. According to InvestingPro data, analyst targets range from $52.05 to $77.87, with the stock currently trading at $49.87.

The Swiss athletic footwear company reported a 38% currency-adjusted revenue increase in the second quarter of 2025, alongside a 157 basis point gross margin improvement and a 220 basis point EBITDA margin increase. This performance aligns with the company’s impressive 60.6% gross profit margin and 34.9% revenue growth over the last twelve months, as reported by InvestingPro.

Williams Trading noted that On Holding’s management has adopted a strict product allocation strategy and scarcity model, prioritizing long-term brand health over short-term gains, which has contributed to the strong quarterly results.

The firm indicated that On Holding’s revised full-year 2025 guidance, which accounts for the 20% tariffs on Vietnamese products, appears conservative based on current performance trends.

Williams Trading also highlighted that unit sales remained robust in July 2025 despite price increases of approximately 7% on nearly two-thirds of the company’s styles in the U.S. market, with retailers showing no resistance to the higher prices.

In other recent news, On Holding AG has drawn attention with its latest quarterly results that surpassed expectations, despite some negative investor sentiment. Truist Securities responded by reiterating its Buy rating and maintaining a price target of $69. UBS also reaffirmed its Buy rating, highlighting strong second-quarter 2025 revenue trends and suggesting that On Holding might raise its fiscal year 2025 sales growth outlook. Meanwhile, TD Cowen adjusted its price target to $60 from $63, citing concerns about foreign exchange impacts and tariff uncertainties. Raymond (NSE:RYMD) James downgraded On Holding to Outperform from Strong Buy, maintaining a $66 price target due to similar foreign exchange and tariff concerns. Piper Sandler reiterated its Overweight rating and a $65 price target, noting recent stock underperformance and increased short interest. These developments reflect varied analyst perspectives on On Holding’s financial outlook and market position.

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