Benzinga | Oct 11, 2021 09:09AM EDT

On Holding Earns Bullish Analysts Views; See Upto 32% Upside

* Morgan Stanley analyst Kimberly Greenberger initiated coverage of On Holding AG (NYSE:ONON) with an Overweight rating and $38 price target, implying an upside of 26.16%.

* The analyst said On's success competing in "high-growth, premium" athletic footwear gave her confidence in its long-term opportunity.

* Greenberger sees On as a "best-in class, high growth, high return business" that should be a core holding for long-term investors looking for a compounding growth story.

* Goldman Sachs analyst Richard Edwards also initiated coverage of On Holding with a Neutral rating and $32 price target, implying a 6.24% upside.

* Credit Suisse analyst Michael Binetti initiated coverage of the company with an Outperform rating and $38 price target. The analyst believes that the On brand is the most differentiated new aesthetic in the premium running shoe category in years.

* Stifel analyst Jim Duffy initiated coverage with a Buy rating and $36 price target, suggesting a 19.52% upside. He sees "tangible brand momentum" and "a compelling innovation pipeline" supporting strong growth and justifying a premium multiple for the shares for multiple years.

* Baird analyst Jonathan Komp initiated coverage with an Outperform rating and a $38 price target.

* After having profitably grown revenue at a over 80% since inception, On has opportunity for market share gains, direct-to-consumer expansion, and category extensions to fuel 20%-25% growth through 2024, Komp notes.

* JPMorgan initiated coverage with an Overweight rating and a $37 price target, implying a 22.84% upside.

* UBS analyst Jay Sole initiated coverage with a Buy rating and $40 price target (implying 32.8% upside), saying On Holding is expected to become a top global athletic wear brand, driving earnings beats and stock outperformance.

* Price Action: ONON shares closed higher by 0.77% at $30.07 on Friday.