On Holding price target raised to $68 from $60 at KeyBanc

KeyBanc raised the firm’s price target on On Holding (ONON) to $68 from $60 and keeps an Overweight rating on the shares following quarterly results. The firm notes results were fueled by increased awareness from brand-building efforts and the execution of the company’s ability to position itself as a premium offering in the broader footwear space, and looks to be holding up well in the uncertain environment, noting strong quarter-to-date trends. Though On Holding is contemplating increased caution in its profitability guide, KeyBanc believes that new product launches, increasing awareness, and strategic price increases have the ability to provide upside to what looks like a relatively conservative outlook.