On Holding price target lowered to $37 from $40 at Evercore ISI

Evercore ISI lowered the firm’s price target on On Holding to $37 from $40 and keeps an Outperform rating on the shares. On had offered reassurances in January that Q4 promos were contained, says the analyst, who was “disappointed” that Q4 revenue missed Street estimates as the firm thinks On avoided promoting amid a discount-heavy holiday backdrop. While acknowledging On’s Q1 revenue guidance coming below consensus “did little to ease concerns about revs slowing more than expected,” the firm is more bullish after the pullback, the analyst tells investors.