JPMorgan raised target for On Holding stock to USD 44.00

Published on 10/08/2026 at 13:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter sales reached CHF 850.30 million, up 13.50 percent year over year. On Holding stock costs EUR 29.21 on October 8, 2026 versus EUR 29.40.

ONON, CH1134540470, Illustration mit AI erstellt.

On Holding (ISIN CH1134540470) was trading at EUR 29.21 at Lang & Schwarz on October 8, 2026 at 1:40 p.m. CEST, down 0.65 percent from the EUR 29.40 prior close. JPMorgan raised its price target for the stock from USD 41.00 to USD 44.00 on October 1, 2026, according to Investing.com.

Three milestones reset the story

On's second-quarter 2026 net sales reached CHF 850.30 million, up 13.50 percent year over year, while gross profit margin reached 65.40 percent, according to the company's earnings-call transcript published by Yahoo Finance on August 11, 2026. The comparison matters because the revenue growth came with a reported margin above 65 percent, giving the premium positioning a measurable operating result.

On September 18, 2026, the company entered football with Kylian Mbappe and planned its first football boots for 2027, as Reuters reported. The move adds a new product category to a business still anchored by running and tennis.

What does the buyback change?

On September 22, 2026, On authorized its first share repurchase of up to USD 1.00 billion through the end of 2029 and set a 2029 net-sales ambition of at least CHF 5.60 billion, according to the company's press release. The same plan targets an adjusted EBITDA margin of at least 22.00 percent by 2029, compared with the 19.50 percent to 20.00 percent adjusted EBITDA margin outlook for 2026.

That spread is the central valuation question. JPMorgan's USD 44.00 target sits 33.33 percent above the EUR 29.21 Lang & Schwarz price only if the currencies are treated separately; the comparison is therefore qualitative rather than a valid price-distance calculation. The clean comparisons are within each currency and metric: CHF 5.60 billion is the 2029 sales ambition, while USD 1.00 billion is the authorized capital-return ceiling.

Upcoming milestones carry two dates

On plans to launch its first football boots in 2027, while the USD 1.00 billion repurchase authorization runs through December 31, 2029. The company also reiterated 2026 constant-currency sales growth in the low-20 percent range and an adjusted EBITDA margin of 19.50 percent to 20.00 percent in the September 22 release.

On Holding stock stays in trading

At Lang & Schwarz, On Holding stock was trading at EUR 29.21 on October 8, 2026 at 1:40 p.m. CEST, minus 0.65 percent versus the EUR 29.40 prior close. The quote remained below the USD 44.00 JPMorgan target, but the two values are in different currencies and are not directly comparable. The further course of trading is shown by the continuously updated real-time quote of On Holding stock.