Goldman Sachs lowered the firm’s price target on On Holding (ONON) to $50 from $57 and keeps a Neutral rating on the shares. The modern market structure, which is geared more towards online and DTC, should allow On to scale its revenues faster than Nike (NKE) or Adidas (ADDYY), but a longer-term revenue estimate of CHF19B remains demanding in the absence of something like a team sport exposure, the analyst tells investors in a research note. The firm is also adjusting is model to reflect a more negative currency impact of stronger CHF vs. USD.
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