On Holding AG (NYSE:ONON) reported better-than-expected first-quarter financial results on Tuesday.
On Holding posted adjusted earnings of 38 cents per share, beating market estimates of 14 cents per share. The company's quarterly sales came in at $581.594 million versus expectations of $497.163 million, according to data from Benzinga Pro.
Martin Hoffmann, Co-CEO and CFO of On, said, "The first quarter was a very strong start to the year and a further step in the execution of our long-term strategy to be the most premium global sportswear brand. We are thrilled to have exceeded our expectations and surpassed the half-billion net sales mark in a single quarter. This serves as a validation of the strong demand we have experienced across all channels, regions, and product categories. Notably, we see the strength in our DTC channel as a clear marker of the ongoing strong brand momentum. The significantly increased DTC share has also allowed us to reach a very strong gross profit margin in the first quarter, close to the mid-term target we laid out a couple of months ago. Looking ahead, we're extremely excited for the months to come, filled with groundbreaking innovations, big partnerships, and the opportunity to have a notable impact in Paris this summer."
On Holding shares gained 1.2% to trade at $36.73 on Wednesday.
These analysts made changes to their price targets on On Holding after the company reported quarterly results.
- Needham boosted the price target on On Holding from $40 to $45. Needham analyst Anna Andreeva maintained a Buy rating.
- Morgan Stanley increased On Holding price target from $35 to $40. Morgan Stanley analyst Alex Straton maintained an Overweight rating.
- Barclays boosted the price target on On Holding from $38 to $40. Barclays analyst Adrienne Yih maintained an Overweight rating.
- Evercore ISI Group increased the price target on On Holding from $40 to $43. Evercore ISI Group analyst Michael Binetti maintained an Outperform rating.
- Truist Securities boosted the price target on On Holding from $30 to $34. Truist Securities analyst Joseph Civello maintained a Hold rating.
- UBS boosted the price target on On Holding from $53 to $55. UBS analyst Jay Sole maintained a Buy rating.
- Telsey Advisory Group boosted the price target on On Holding from $37 to $40. Telsey Advisory Group analyst Cristina Fernandez maintained an Outperform rating.
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