On Holdings bumped up to Strong Buy at Raymond James as momentum continues to build

seekingalpha2024-11-22

Tom Werner/DigitalVision via Getty Images On Holding (NYSE:ONON) is in the green for a third straight day, with an upgrade at Raymond James fueling a 3% gain in the stock on Thursday. As the fastest ...

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As the fastest ...</p>\n\n<a href=\"https://seekingalpha.com/news/4317681-on-holdings-bumped-up-strong-buy-raymond-james-momentum-build\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2265009873.SGD","symbol_name":"Eastspring Investments - Global Growth Equity AS SGD-H","start_time":0,"source_url":"https://seekingalpha.com/news/4317681-on-holdings-bumped-up-strong-buy-raymond-james-momentum-build","article_id":"2485411563","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1425203576/image_1425203576.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485411563","pubTimestamp":1732205283,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Tom Werner/DigitalVision via Getty Images On Holding (NYSE:ONON) is in the green for a third straight day, with an upgrade at Raymond James fueling a 3% gain in the stock on Thursday. 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As the fastest growth story in Raymond James’ coverage, the firm raised its outlook to a Strong Buy and bumped up the target price by 8.6% to $63, a 17% upside to Wednesday’s closing price. “ONON’s strong YTD results increases our confidence in upside to expectations based on positive brand/product heat, opportunity to grow awareness, optionality to scale wholesale, and capability to overcome operational hurdles,” Raymond James’ Rick Patel says in his research note.  On Holdings (ONON) is also insulated from the threat of Chinese tariffs versus its peers, given the company’s low exposure to China sourcing. At the same time, its long runway for growth and the company’s track record of exceeding expectations should alleviate investors’ concerns about the stock’s lofty valuation (EV/EBITDA of ~41x and 1.1x on a growth-adjusted EV/EBITDA basis).  Raymond James’ bullish view towards On Holdings (ONON) is supported by the company’s DTC acceleration which underscores its ability to capture demand despite challenges created by a new distribution center; progress in its apparel business; and, its selective wholesale strategy with Foot Locker (FL) and Dick’s Sporting Goods (DKS) only 30% penetrated.  Shares of On Holdings (ONON) have appreciated by 105% so far this year compared to peers like Nike (NKE) down 32%, Deckers Outdoor (DECK), the parent company of Hoka, up 68%, adidas AG (OTCQX:ADDYY) up 14%, ASICS (OTCPK:ASCCY) up 132%, and Skechers (SKX) down 3.5%.  Analysts are bullish towards On Holdings (ONON) with Seeking Alpha analysts rating the stock as a Buy and Wall Street analysts a Strong Buy. Seeking Alpha’s Quant rating views On Holdings (ONON) as a Hold.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485411563"}