ON’s (ONON) Outperform Rating Reiterated at Telsey Advisory Group

Telsey Advisory Group reiterated their outperform rating on shares of ON (NYSE:ONON) in a research report released on Tuesday morning,Benzinga reports. They currently have a $65.00 target price on the stock.

A number of other equities research analysts have also recently commented on ONON. Zacks Research upgraded shares of ON from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 10th. The Goldman Sachs Group increased their price objective on shares of ON from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, November 13th. Needham & Company LLC restated a “buy” rating and set a $52.00 target price on shares of ON in a research note on Thursday, February 26th. KeyCorp cut their price target on ON from $68.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 22nd. Finally, UBS Group reissued a “buy” rating on shares of ON in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average price target of $59.41.

ON Price Performance

NYSE ONON opened at $43.32 on Tuesday. The business’s fifty day moving average is $46.18 and its 200 day moving average is $44.41. ON has a fifty-two week low of $34.38 and a fifty-two week high of $61.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.05 and a current ratio of 2.71. The company has a market capitalization of $27.20 billion, a PE ratio of 60.17, a price-to-earnings-growth ratio of 1.29 and a beta of 2.14.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.06. ON had a return on equity of 13.25% and a net margin of 6.59%.The business had revenue of $937.29 million during the quarter, compared to analysts’ expectations of $727.55 million. During the same quarter in the prior year, the business posted $0.33 earnings per share. The business’s quarterly revenue was up 22.6% on a year-over-year basis. Sell-side analysts predict that ON will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On ON

Large investors have recently bought and sold shares of the business. Caitlin John LLC purchased a new stake in ON during the fourth quarter valued at $25,000. Cullen Frost Bankers Inc. raised its position in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after buying an additional 467 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of ON during the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of ON by 555.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after acquiring an additional 594 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in shares of ON by 109.9% in the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock valued at $37,000 after acquiring an additional 421 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

Key Stories Impacting ON

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q4 beat on both EPS and sales — On reported stronger-than-expected quarterly results (EPS above estimates) and record sales, underpinning the bullish near-term narrative. Q4 2025 Earnings Call Transcript
• Positive Sentiment: Broad-based growth and margin tailwinds — revenue and unit growth were strong across DTC, wholesale and apparel/accessories (APAC especially robust); MarketBeat notes record gross margins and accelerating EBITDA. Institutional accumulation is also rising, which supports a durable recovery thesis. After Cooling Off, On Holding May Be Ready to Sprint Higher
• Positive Sentiment: Analyst support remains — Telsey reiterated an Outperform, signaling continued analyst conviction in On’s growth runway despite the guidance conservatism. Telsey Reiterates Outperform
• Neutral Sentiment: Price-target trims but ratings intact — Barclays lowered its PT to $57 while keeping an Overweight rating; the downgrade trims upside but preserves a bullish stance. Barclays Lowers PT
• Neutral Sentiment: Guggenheim also cut its target to $51 but maintained a Buy — another vote of confidence even as near-term expectations were softened. Guggenheim Lowers PT
• Negative Sentiment: Conservative 2026 guidance and margin trade-offs — management set a cautious FY26 outlook and is prioritizing growth investments, which, combined with FX headwinds, pressured net income margins and triggered the initial sell-off. On Holding Pours Into Growth As Record Sales Meet Margin Trade Offs
• Negative Sentiment: Near-term volatility risk — the guidance-led pullback highlighted execution and margin risk; sentiment could remain choppy until Q1 results and clearer FX/SG&A cadence emerge (Q1 earnings in mid‑May is the next key catalyst). MarketBeat Analysis

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.