On Holding AG (NYSE: ONON) Added to Raymond James Analyst Current Favorite List.

• Deckers Brands (NYSE: DECK) is being removed.

The analyst comments "We believe the recent pullback in On Holding AG (ONON) shares has created an attractive entry point into a still underappreciated long-term growth story. We attribute the stock’s recent pressure to the CEO transition and higher oil prices. However, we believe the core thesis remains intact as the co-founders are still in control. We see attractive long-term growth drivers (rising brand awareness, broader distribution, category diversification, retail, and margin expansion) and room to expand margins further. We also believe ONON’s pricing power, premium innovation, and favorable channel mix can help offset tariff and freight pressure this year. At only ~10x EV/EBITDA (after penalizing for SBC) vs. our expectation for +22% EBITDA growth in 2027, we view valuation as compelling. We are removing Deckers Outdoor Corporation (DECK) from the Analyst Current Favorites® list. Importantly, we remain bullish with an Outperform rating and believe its long-term story is intact, supported by HOKA’s sizable growth runway and ongoing brand momentum across the portfolio. However, at current levels, we see a more compelling opportunity in On Holding AG (ONON) following the stock’s recent underperformance despite our expectation for continued strong growth and execution."