Raymond James raises target for On Holding stock to USD 42.00

Published on 10/18/2026 at 13:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 2026 sales reached CHF 850.30 million, up 13.50 percent year over year. On Holding stock targets CHF 5.6 billion in 2029 with a 65.00 percent gross margin.

Capital returns and growth targets

Raymond James lifted its target from USD 38.00 to USD 42.00 on October 16, 2026.
Q2 2026 revenue reached CHF 850.30 million, up 13.50 percent year over year.
On Holding had a USD 11.6 billion market capitalization on October 16, 2026.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding (ISIN CH1134540470) drew a fresh analyst upgrade on October 16, 2026, when Raymond James raised its price target from USD 38.00 to USD 42.00 while keeping an Outperform rating, as Markets Insider reported. The move followed reaffirmed full-year 2026 guidance and a 17.00 percent constant-currency revenue outlook for the third quarter.

On's second-quarter 2026 revenue reached CHF 850.30 million, up 13.50 percent year over year, while gross margin reached 65.00 percent and net income totaled USD 105.00 million, according to MarketBeat. The revenue comparison gives the target revision a stronger operating backdrop, although the reported figures remain tied to the quarter ended June 30, 2026.

Three milestones set the context

On reported CHF 850.30 million of second-quarter revenue on August 11, 2026; it presented a CHF 5.6 billion minimum 2029 sales ambition and a USD 1.0 billion share repurchase authorization on September 22, 2026; and Raymond James set the USD 42.00 target on October 16, 2026, according to StockTitan.

What does the margin signal?

The 65.00 percent gross-margin target through 2029 is the key profitability marker, while the adjusted EBITDA margin ambition reaches at least 22.00 percent by 2029. For the full year 2026, On reiterated low-20-percent constant-currency revenue growth and an adjusted EBITDA margin of 19.50 to 20.00 percent, excluding tariff refunds, according to StockTitan.

Next date for results

The next reported earnings date is November 11, 2026, according to Yahoo Finance. That update will test whether the third-quarter growth outlook and margin framework are progressing together.

Market value sets the scale

On Holding had a market capitalization of USD 11.6 billion as of October 16, 2026. The company is listed on the NYSE under ticker ONON and operates in footwear, apparel and accessories.

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