On Holding downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic analyst Geoff Lowery downgraded On Holding to Neutral from Buy with an unchanged price target of $34. The firm says is optimism about the long-run business potential is little changed but that the stock’s valuation has caught up with that positivity. Industry conditions in sportswear carry challenge as well as opportunity in 2024, the analyst tells investors in a research note. Redburn sees limited potential upside following the recent share rally.