ONON · On Holding AG
AI read · Neutral
The AI's read
On reported a mixed Q2: EPS 44c beat 41c, but revenue $1.076B missed $1.110B and analysts chopped price targets. Several firms cut targets and one downgraded the rating, which fed the sell-off. The market already reacted hard, with ONON down about 19.6% and trading near its 52-week low while RSI sits mid-range. Valuation remains elevated at a P/E ~41, so upside looks limited without clear revenue recovery. Given the size of the move, a lot of the downside appears priced in and volatility is high. Our take is neutral for now — wait for follow-up guidance or stabilizing sales before leaning bullish again.