On Holding price target raised to $46 from $44 at Morgan Stanley

Morgan Stanley raised the firm’s price target on On Holding to $46 from $44 and keeps an Overweight rating on the shares. While the headline cut to full year guidance initially sent the stock down pre-market on Tuesday, this quickly reversed on the call detail that confirmed continued underlying business momentum, the analyst tells investors in a research note. The firm leaves Q2 with incremental conviction in its Overweight rating on stand-out brand heat and consistent evidence of best-in-class brand management.