Wolfe Research starts coverage of On Holding stock at USD 47

Published on 10/25/2026 at 13:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wolfe Research set a USD 47 target on October 22, 2026. On Holding stock posted CHF 850.30 million in second-quarter sales, up 13.50 percent.

Growth and valuation signals

Wolfe Research initiated coverage with a USD 47 target on October 22, 2026.
Second-quarter revenue reached CHF 850.30 million and gross margin was 65.40 percent.
On Holding had a USD 10.7 billion market capitalization as of October 23, 2026.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding AG (ISIN CH1134540470) has a fresh USD 47 analyst target after Wolfe Research initiated coverage on October 22, 2026. According to MarketBeat, the firm assigned an Outperform rating. The target puts the upcoming third-quarter report at the center of the investment case.

Three milestones set the frame

The company set a longer-term growth framework on September 22, 2026, targeting at least CHF 5.6 billion in 2029 sales, a gross margin of at least 65 percent and an adjusted EBITDA margin above 22 percent, according to Yahoo Finance.

JPMorgan raised its target from USD 41 to USD 44 on October 1, 2026, while Wolfe Research initiated coverage at USD 47 on October 22, 2026. Benzinga lists both analyst actions and their respective dates.

What does the target mean for growth?

The operating figures show why margins matter alongside sales growth. In the second quarter of 2026, revenue reached CHF 850.30 million, up 13.50 percent year over year and 21.60 percent at constant currency, while gross margin widened to 65.40 percent from 61.50 percent, Yahoo Finance reported. Direct-to-consumer sales grew 34.30 percent at constant currency and represented 45.70 percent of revenue.

The latest quarterly comparison also carries a clear execution test. MarketBeat reported adjusted earnings per share of USD 0.35 against a USD 0.42 consensus estimate and revenue of USD 1.05 billion against USD 1.09 billion expected. That combination leaves the USD 47 target dependent on continued sales growth and sustained premium pricing.

Dates for the next test

Yahoo Finance lists November 11, 2026, as the estimated date for the next earnings report. The date matters because the third-quarter figures will test the growth and margin framework set in September.

Market value and listing

On Holding had a USD 10.7 billion market capitalization as of October 23, 2026. The stock's 52-week range was USD 26.36 to USD 51.08 on that date, while StockAnalysis identifies the primary listing as NYSE under ticker ONON.

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