On Holding upgraded to Outperform from Neutral at Baird

Baird analyst Jonathan Komp upgraded On Holding to Outperform from Neutral with an unchanged price target of $33. The shares are down 23% since early April and only 5% above the 2021 initial public offering price amid sector-wide compression to growth multiples, the analyst tells investors in a research note. The firms says the in-person portion of last week’s Zurich investor day reinforced its confidence in current brand health and the upcoming three-year pipeline of growth drivers. With On’s current valuation consistent with the low end of its early-stage growth factor framework, Baird sees increasing appeal for the company on a one- and multi-year basis.