BUZZ-Roger Federer-backed On rises after Raymond James upgrades to "strong buy"

Reuters11-22 00:04

** U.S.-listed shares of Swiss sportswear maker On Holding ONON.N up as much as 3.8% at $55.79

** Brokerage Raymond James upgrades stock to "strong buy" from "outperform" and adds to its "current favorites" list

** Says co's strong YTD results increase confidence in expectations based on positive brand momentum and capability to overcome operational hurdles

** Also raises PT to $63 from $58 and says ONON's premium branding and low exposure to China sourcing insulates it from tariff risk better than peers

** Notes Google searches for On have significantly outpaced larger peers NikeNKE.N, SkechersSKX.N, and Adidas ADSGn.DE

** 21 of 24 brokerages rate the stock "buy" or higher, and three "hold"; with a median PT of $60

** Including session moves, stock has risen 105% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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