On Holding AG (ONON) PT Lowered to $50 at Goldman Sachs

Goldman Sachs analyst Richard Edwards lowered the price target on On Holding AG (NYSE: ONON) to $50.00 (from $56.00) while maintaining a Buy rating.

The analyst comments "GS view: On's 1Q26 results demonstrated the company's ability to generate strong growth despite an uncertain geopolitical environment and a promotional sportswear market. Specifically, strong cFX growth of +26.4% underpinned by DTC at +28.7% was paired with gross margins +430bps yoy to drive a +19% adj.EBITDA beat, highlighting the company's ability to continue to scale strongly whilst simultaneously expanding margins. The latter stems from rising price mix and DTC channel mix, both levers that offer the group a multi-year gross margin upside opportunity, despite recent US tariffs and rising commodity input prices. Looking ahead, we continue to see On as optimally positioned to benefit from the structural tailwinds of increased consumer focus on health and wellness given its unique premium positioning in the market and see multiple levers for the company to durably scale revenues and profitability over the short and medium term. Buy-rated (TP to $50)."

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