On Holding price target lowered to $37 from $40 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on On Holding to $37 from $40 and keeps an Outperform rating on the shares. The company continued to gain meaningful market share in Q3 and experience strong brand momentum, the analyst tells investors in a research note. However, the firm says On is not immune to the more cautious consumer trends. Telsey says that while the magnitude of the 2023 guidance raise was likely not as large as anticipated, it remains encouraged by the continued strong reception to On’s products, the growth in the 2024 order book, and the focus on expanding profitability.