Goldman Sachs analyst Richard Edwards lowered the firm’s price target on On Holding to $38 from $41 but keeps a Buy rating on the shares. The company’s Q2 results saw a “solid beat” with gross margins rising 435bps from last year to 59.5%, but the firm is reducing its forecast FY23 and FY24 expected sales growth rates to 44.5% and +34% respectively from 52.6% and 42%, reflecting more adverse than expected FX rates and 200 wholesale door closures, the analyst tells investors in a research note.
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