Needham analyst Anna Andreeva added On Holding (ONON) the firm’s Conviction List as a top pick for 2024, replacing Chewy (CHWY). On shares have not participated in the recent rally, falling 30% since August, with the stock not reflecting the company’s’ “unique” growth profile while short interest is up 25% in the last six months, the analyst tells investors in a research note. Needham thinks On 2024 consensus estimates are “in the right place” and keeps a Buy rating on the shares with a $40 price target.
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