CICC Sets $60 Target for On Holding AG

Shares of On Holding AG (NYSE: ONON) have witnessed an ascent today, currently up 3.71% at $53.40. CICC's endorsement with an Outperform rating and a significantly optimistic $60 price target underscores growing confidence in the Swiss athletic footwear and apparel firm.

On Holding AG's market capitalisation stands at approximately $17.07 billion, echoing its strong presence in the Consumer Cyclical sector, specifically within the Footwear & Accessories industry. The stock's day commenced at $50.6, with trading volumes fluctuating between a low of $50.3 and a peak of $52.49. With the previous session closing at $51.49, On Holding AG is shaping a new narrative as the company's value presses above recent close figures.

CICC's initiation is indicative of a robust industry outlook, suggesting that On Holding AG is poised for continued growth thanks to its effective market strategies and the global expansion of the athletic footwear market.

Headquartered in Zurich, Switzerland, On Holding AG is renowned for its development and distribution of sports products on a global scale. The company boasts a broad portfolio that spans high-performance running shoes, outdoor gear, training equipment, and tennis apparel. With its direct-to-consumer model and partnerships with independent retailers and distributors, On Holding AG, founded in 2010, has cemented its standing in the market.

Financially, On Holding AG reports a trailing P/E ratio of 119.03 and a forward P/E of 52.27, with total revenue recorded at $2.16 billion and a net income to common stockholders of $126 million. No dividend payouts are currently offered, directing the revenue back into their expanding business. Echoing the company's substantial inside confidence, 25.40% of the shares are held by insiders, whereas institutional investors lay claim to 65.91% of the float.

As of the latest figures, On Holding AG proudly stands with 288.76 million shares outstanding and 211.57 million shares in the float, appealing significantly to the investor community. On the analyst front, the consensus is overwhelmingly positive, aligning with CICC's bullish stance, as manifest in the target mean price of $52.05 and a strong buy recommendation based on 23 analyst opinions.

The distinct Outperform rating and a notable $60 price target set by CICC for On Holding AG (NYSE: ONON) reflect a steadfast belief in the company's potential for growth. With the industry prospects looking favorable and On Holding AG's strategic positioning within the market, investors may water at the mouth for a slice of this Swiss innovator's continuing success story.