{
  "id": 699153,
  "title": "Raymond James cuts On Holding target on wholesale weakness",
  "url": "https://urgent.news/2026/08/12/raymond-james-cuts-on-holding-target-on-wholesale-weakness",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-12T20:55:30.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/raymond-james-cuts-on-holding-target-on-wholesale-weakness-4856156"
  },
  "original_language": "en",
  "account": "Raymond James has lowered its rating on On Holding from Strong Buy to Outperform, reducing its price target to $38 from $52. The brokerage cited weaker-than-expected Q2 revenue and a more cautious growth outlook for the Swiss sportswear maker. The $38 target suggests a potential 23% upside from On Holding's August closing price of $30.91. Revenue for Q2 grew by 13.5%, falling short of the 19% estimate from Raymond James and the $18% forecast by analysts. Excluding currency effects, growth was 21.6%, also below the 23% estimate from Raymond James. The slowdown was mainly due to reduced wholesale sales in the U.S., where weaker sales of everyday running products led to a pullback in sales to distributors. Wholesale sales grew by just 5%, while direct-to-consumer sales increased by 26%, beating expectations. Despite the near-term challenges, Raymond James maintains a bullish long-term outlook for On Holding, highlighting the company's brand expansion, direct-to-consumer growth, international distribution, product diversification, and innovative pipeline. The brokerage expects adjusted EBITDA to grow by about 21% in 2027.",
  "summary": null,
  "key_points": [
    "Raymond James lowered On Holding's rating to Outperform and reduced target price to $38",
    "Q2 revenue growth of 13.5% fell short of 19% estimate from Raymond James",
    "Wholesale sales in U.S. grew by just 5%, limiting overall sales expansion"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}