Needham analyst Tom Nikic raised the firm’s price target on On Holding (ONON) to $62 from $55 and keeps a Buy rating on the shares following the Q1 report. On remains the highest-momentum name in the sector, and although the stock’s valuation is “lofty,” the shares should “grind higher” as the company continues to drive strong growth and take numbers higher, the analyst tells investors in a research note. Needham is “encouraged” by On’s “reverse hockey stick” outlook for the year, which it believes allows for potential upside to guidance.
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