On Holding: A 2026 Growth Story Backed by Analysts Despite Price Target Adjustments
Swiss performance sportswear brand On Holding AG (NYSE: ONON) finds itself in a curious spotlight this week, receiving mixed but ultimately bullish signals from Wall Street. While KeyBanc Capital Markets trimmed its price target, the firm simultaneously reaffirmed its conviction in On as one of Europe's premier growth narratives for the coming years.
On January 22, KeyBanc reduced its target for On Holding to $58 from $68, maintaining an Overweight rating. The adjustment, analysts noted, reflects broader market valuation pressures rather than a dimming view of the company's fundamentals. In fact, the firm explicitly named On as one of the "best growth stories" poised for 2026, citing its "strong growth setup" driven by global brand momentum, a robust product pipeline, and resilient customer loyalty.
This vote of confidence was echoed just days earlier by Goldman Sachs. On January 19, the investment bank upgraded On from Neutral to Buy, raising its price target to $59 from $52. Goldman analysts pointed to the stock's de-rating over the past year as creating an attractive entry point. They also anticipate the company will surpass market expectations for Q4 2025, buoyed by high-frequency data suggesting a solid holiday sales period.
The contrasting moves—a target cut alongside an upgrade—highlight a market reconciling short-term volatility with long-term potential. Founded by Swiss tennis star Roger Federer and others, On has carved a significant niche in the competitive athletic footwear and apparel sector with its proprietary cloud technology. The company sells globally through a mix of distributors, independent retailers, and its own direct-to-consumer channels.
Analyst & Investor Perspectives:
"The price target tweak is a tactical calibration," says Michael R. Chen, a portfolio manager at Alpine Growth Partners. "The core thesis is intact. On's direct-to-consumer expansion and innovation cycle, especially in footwear, position it for sustained market share gains. This is a marathon, not a sprint."
"It's frustrating to see targets lowered when the long-term story is supposedly so bright," argues Sarah J. Feldstein, an independent retail analyst known for her blunt commentary. "This feels like analysts trying to have it both ways. Either the fundamentals support the growth narrative, or they don't. The constant 'target down, rating steady' dance undermines credibility and confuses retail investors."
"The simultaneous upgrade from Goldman is the more significant signal," notes David Park, a senior editor at The Capital Observer. "It suggests institutional money sees value emerging here. For growth-oriented investors, the convergence of analyst opinion around the 2026 horizon provides a clearer timeframe for the story to unfold."
The broader context remains the intense competition in athletic wear, where On must continue to out-innovate and out-market established giants. However, the latest analyst actions suggest Wall Street believes the Swiss company has the right foundation and strategy to do just that.