UBS analyst Jay Sole reiterated a Buy rating and $85.00 price target on On Holding AG (NYSE: ONON).

The analyst commented, "ONON CEO Martin Hoffman is stepping down. We are saddened by this announcement given we believe Martin has done an exceptional job in his role. The market may be disappointed by this news. However, what the market might not know is ONON has been led by 5 founders since its inception. Olivier Bernhard, David Allemann and Caspar Coppetti were the first three founders. Marc Maurer and Martin Hoffman joined shortly thereafter as essentially COO and CFO, respectively. Olivier Bernhard, David Allemann and Caspar Coppetti remain with the company. Mr. Allemann and Mr. Coppetti are now co-CEOs. Mr. Bernhard stays in his role as ONON's product guru. This means ONON will retain a significant amount of continuity among its top leadership team."

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Shares of On Holding AG closed at $35.16 yesterday.