Baird noted On Holding will be holding an investor day next week where they believe it will provide a platform to reinforce confidence in current brand health, a strong pipeline led by performance footwear, and multiple emerging growth opportunities across channels/regions/sports. Baird said while near-term brand signals remain very positive, tougher upcoming compares and premium valuation keep them patient in looking for an entry. Baird maintains its Neutral rating and $33 price target on On Holding shares.
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