On Holding upgraded to Buy from Neutral at Citi

Citi upgraded On Holding (ONON) to Buy from Neutral with a price target of $60, down from $65. The firm reduced estimates to reflect unfavorable currency, weaker sales in the second half of 2025, and lower gross margins from higher tariffs. However, as the fastest growing brand within athletic with “very strong brand heat,” a geographically diverse sales base, and low sourcing exposure in China, On Holding is one of the best positioned brands to navigate the current uncertain tariff environment, the analyst tells investors in a research note.