1 hour ago
5
David Moadel
Wed, May 13, 2026 astatine 10:41 AM CDT 3 min read
Quick Read
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On Holding (ONON) delivered Q1 2026 gross of $1.07B, beating estimates by 22% with 64% gross borderline and Asia-Pacific gross up 44% year-over-year, but absorbed $70.43M successful tariffs during the quarter.
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KeyBanc chopped its ONON banal terms people to $43 from $58 owed to tariff headwinds from Vietnam sourcing concentration, yet maintained an Overweight standing due to the fact that the company’s 23%-plus maturation guidance remains achievable and excludes imaginable tariff refunds.
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An expert steadfast is stepping backmost connected price, but not connected conviction. KeyBanc lowered its terms people connected On Holding to $43 from $58 portion keeping its Overweight rating, framing the determination arsenic a recalibration tied to tariff vulnerability alternatively than a interruption successful the semipermanent maturation thesis. For investors weighing the premium diversion name, the connection is mixed: near-term headwinds are real, but the underlying marque momentum inactive has Wall Street's attention.
The terms people chopped connected On Holding (NYSE:ONON) lands 1 time aft the Swiss footwear marque delivered a sizable Q1 2026 beat. ONON banal closed astatine $33.83 connected May 12, and the shares are down astir 27% twelvemonth to day (YTD).
| ONON | On Holding | KeyBanc | Price Target Cut | Overweight | Overweight | $58 | $43 |
The Analyst's Case
KeyBanc's reset reflects tariff-related outgo unit alternatively than a deteriorating brand. The steadfast continues to presumption On Holding's reiterated 23%-plus changeless currency maturation guidance arsenic blimpish if existent request trends persist. That connection is unusually bullish for a downgrade-in-target call.
The expert who called NVIDIA successful 2010 conscionable named his apical 10 stocks and On Holding wasn't 1 of them. Get them present FREE.
The different nuance is imaginable tariff relief. KeyBanc flagged that tariff refunds could service arsenic incremental upside if and erstwhile they materialize, a script On Holding's ain guidance explicitly excludes.
Company Snapshot
On Holding is simply a premium Swiss sportswear marque competing with Hoka, Nike (NYSE:NKE), and different show labels successful moving and lifestyle. On Holding's Q1 2026 gross came successful astatine $1.07 billion, beating estimates by 22%, with gross borderline of 64%.
Asia-Pacific is the standout, with gross up 44% year-over-year. On Holding besides disclosed astir $70.43 cardinal successful IEEPA tariffs absorbed during the quarter, with co-founders David Allemann and Caspar Coppetti stepping backmost successful arsenic Co-CEOs.
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