On Holding price target lowered to $40 from $42 at KeyBanc

KeyBanc lowered the firm’s price target on On Holding to $40 from $42 to account for a difficult macro, while keeping an Overweight rating on the shares. The firm notes the company posted a top- and bottom-line beat, and raised FY23 revenue and gross margin guidance. KeyBanc sees meaningful opportunity via continual success in product launches, owned store rollouts, and increasing brand awareness.