BUZZ-Footwear maker On Holding gains after UBS Global Research hikes PT

Reuters00:16
BUZZ-Footwear maker On Holding gains after UBS Global Research hikes PT

** U.S.-listed shares ONON.N of Swiss sports footwear maker On Holding up ~1% at $47.13

** Brokerage UBS Global Research raises PT on company's shares to $61 from $55, says company's ongoing sales momentum would boost sentiment around the stock

** Increased confidence in ONON's ability to drive sustainable sales growth and margin expansion - brokerage

** High-double-digit growth in ONON's U.S. direct-to-consumer sales across all months in Q3 is a positive sign - brokerage

** Brokerage adds that brands such as Hoka and On are still taking significant market share from sportswear giants like Nike NKE.N

** 19 of 23 brokerages rate the stock "buy" or "higher", and 4 "hold"; Median PT $51 - LSEG

** Including session moves, On Holding's U.S.-listed shares up nearly 75% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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