On Holding price target raised to $35 from $31 at Stifel

Stifel raised the firm’s price target on On Holding to $35 from $31 and keeps a Buy rating on the shares. The firm notes that Q4 featured better than 80% growth in all regions and strong 76% growth from DTC. Perhaps most impressive, the 92% Q4 growth was achieved with flat year-over-year marketing spend underscoring organic demand momentum, Stifel says. The firm believes brand momentum, higher revenue base, and incremental investment in the business to support future growth justify a higher valuation.