Needham analyst Tom Nikic raised the price target on On Holding AG (NYSE: ONON) to $62.00 (from $55.00) while maintaining a Buy rating.

The analyst commented, "ONON remains the highest-momentum name in our coverage, and although valuation is lofty, we expect it to be a "grind higher" name as they continue to drive strong growth and take numbers higher. Furthermore, we're encouraged by the "reverse hockey stick" outlook for the year, which allows for potential upside to guidance (constant-FX revenue growth Q2-Q4 planned ~25% vs. Q1 +40%). As a result, we're raising our price target to $62 (from $55). As for the quarter itself, revenues grew 40% constant-FX (vs. guidance in the low-to-mid-30's), and adjusted EBITDA of 120 million CHF was above Street at 110 million CHF. The company raised FY25 revenue guidance by 100bps to 28% constant-FX, but with hedwinds form FX and tariffs they widened the adjusted EBITDA margin range to 16.5%-17.5% (from 17.0%-17.5%)."