ON (ONON) Stock Forecast & Price Target

Q: What analysts cover ON?

ON has been rated by research analysts at Bank of America , Barclays , Berenberg Bank , BMO Capital Markets , BTIG Research , Capital One Financial , Citigroup , Evercore , Guggenheim , Jefferies Financial Group , JPMorgan Chase & Co. , KeyCorp , Morgan Stanley , Needham & Company LLC , Piper Sandler , Raymond James Financial , Robert W. Baird , Sanford C. Bernstein , Stifel Nicolaus , Telsey Advisory Group , The Goldman Sachs Group , Truist Financial , UBS Group , Weiss Ratings , William Blair , Williams Trading , and Zacks Research in the past 90 days.

$35.11 -0.39 (-1.09%)

Closing price 10/15/2026 03:59 PM Eastern

Extended Trading

$34.99 -0.12 (-0.33%)

As of 10/15/2026 07:46 PM Eastern

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ON - Analysts' Recommendations and Stock Price Forecast (2026)

Consensus Rating

Moderate Buy

Based on 28 Analyst Ratings

Sell
1

Hold
5

Buy
22

Based on 28 Wall Street analysts who have issued ratings for ON in the last 12 months, the stock has a consensus rating of "Moderate Buy." Out of the 28 analysts, 1 has given a sell rating, 5 have given a hold rating, 20 have given a buy rating, and 2 have given a strong buy rating for ONON.

Consensus Price Target

$43.17
22.94% Upside

According to the 28 analysts' twelve-month price targets for ON, the average price target is $43.17. The highest price target for ONON is $73.00, while the lowest price target for ONON is $20.00. The average price target represents a forecasted upside of 22.94% from the current price of $35.11.

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

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ONON Analyst Ratings Over Time

Type	Current Forecast 10/16/25 to 10/16/26	1 Month Ago 9/16/25 to 9/16/26	3 Months Ago 7/18/25 to 7/18/26	1 Year Ago 10/16/24 to 10/16/25
Strong Buy	2 Strong Buy rating(s)	2 Strong Buy rating(s)	3 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	20 Buy rating(s)	18 Buy rating(s)	15 Buy rating(s)	18 Buy rating(s)
Hold	5 Hold rating(s)	5 Hold rating(s)	3 Hold rating(s)	1 Hold rating(s)
Sell	1 Sell rating(s)	2 Sell rating(s)	1 Sell rating(s)	3 Sell rating(s)
Consensus Price Target	$43.17	$44.75	$53.79	$63.65
Forecasted Upside	22.94% Upside	64.81% Upside	44.51% Upside	51.40% Upside
Consensus Rating	Moderate Buy	Moderate Buy	Moderate Buy	Moderate Buy

ONON Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

ONON Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

ON Stock vs. The Competition

Type	ON	Consumer Discretionary Companies	Broader Market
Consensus Rating Score	2.82	2.20	2.53
Consensus Rating	Moderate Buy	Hold	Moderate Buy
Predicted Upside	22.94% Upside	293.16% Upside	17.80% Upside
News Sentiment Rating	Positive News See Recent ONON News	Positive News	Positive News

Recent Analyst Forecasts and Stock Ratings

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Rating

Upside/Downside

Action

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Date	Brokerage	Analyst	Action	Rating	Price Target	Report Date Upside/Downside
10/12/2026	Zacks Research 4 of 5 stars		Upgrade	Strong Sell ➝ Hold
10/8/2026	Weiss Ratings 3 of 5 stars		Upgrade	Hold (C-) ➝ Hold (C)
10/1/2026	JPMorgan Chase & Co. 3 of 5 stars	Wendy Liu Not Rated	Boost Target	Overweight	$41.00 ➝ $44.00	+45.53%
9/28/2026	KeyCorp Subscribe to MarketBeat All Access to unlock brokerage rankings	Ashley Owens Subscribe to MarketBeat All Access to unlock analyst rankings	Reiterated Rating	Overweight
9/24/2026	Piper Sandler Subscribe to MarketBeat All Access to unlock brokerage rankings	Anna Andreeva Subscribe to MarketBeat All Access to unlock analyst rankings	Reiterated Rating	Overweight	$45.00	+50.73%
9/24/2026	Sanford C. Bernstein Subscribe to MarketBeat All Access to unlock brokerage rankings	Aneesha Sherman Subscribe to MarketBeat All Access to unlock analyst rankings	Reiterated Rating	Outperform
9/24/2026	BMO Capital Markets Subscribe to MarketBeat All Access to unlock brokerage rankings	Kelly Crago Subscribe to MarketBeat All Access to unlock analyst rankings	Boost Target	Market Perform	$28.00 ➝ $33.00	+9.15%
9/24/2026	Barclays Subscribe to MarketBeat All Access to unlock brokerage rankings	Adrienne Yih Subscribe to MarketBeat All Access to unlock analyst rankings	Boost Target	Overweight	$42.00 ➝ $44.00	+46.02%
9/23/2026	UBS Group Subscribe to MarketBeat All Access to unlock brokerage rankings	Jay Sole Subscribe to MarketBeat All Access to unlock analyst rankings	Reiterated Rating	Buy
9/23/2026	Citigroup Subscribe to MarketBeat All Access to unlock brokerage rankings		Reiterated Rating	Buy
Get the Latest News and Ratings for ONON and Related Stocks Enter your email address below to receive the latest news and analysts' ratings for ON and its competitors with MarketBeat's FREE daily newsletter.
9/23/2026	Needham & Company LLC Subscribe to MarketBeat All Access to unlock brokerage rankings	Tom Nikic Subscribe to MarketBeat All Access to unlock analyst rankings	Boost Target	Buy	$37.00 ➝ $40.00	+35.94%
9/23/2026	BTIG Research Subscribe to MarketBeat All Access to unlock brokerage rankings	Janine Stichter Subscribe to MarketBeat All Access to unlock analyst rankings	Reiterated Rating	Buy	$60.00	+103.92%
9/22/2026	The Goldman Sachs Group Subscribe to MarketBeat All Access to unlock brokerage rankings		Reiterated Rating	Buy
9/18/2026	Jefferies Financial Group Subscribe to MarketBeat All Access to unlock brokerage rankings		Reiterated Rating	Underperform
9/17/2026	Bank of America Subscribe to MarketBeat All Access to unlock brokerage rankings	Thierry Cota Subscribe to MarketBeat All Access to unlock analyst rankings	Lower Target	Buy	$46.00 ➝ $43.00	+58.37%
9/14/2026	Berenberg Bank Subscribe to MarketBeat All Access to unlock brokerage rankings		Set Target		$38.00	+38.75%
9/11/2026	Guggenheim Subscribe to MarketBeat All Access to unlock brokerage rankings	Simeon Siegel Subscribe to MarketBeat All Access to unlock analyst rankings	Set Target		$42.00	+51.33%
9/10/2026	Morgan Stanley Subscribe to MarketBeat All Access to unlock brokerage rankings	Alex Straton Subscribe to MarketBeat All Access to unlock analyst rankings	Initiated Coverage	Overweight	$39.00	+45.10%
9/8/2026	Capital One Financial Subscribe to MarketBeat All Access to unlock brokerage rankings		Set Target		$28.00	+2.76%
8/12/2026	Evercore Subscribe to MarketBeat All Access to unlock brokerage rankings	Michael Binetti Subscribe to MarketBeat All Access to unlock analyst rankings	Set Target		$40.00	+28.09%
8/12/2026	Raymond James Financial Subscribe to MarketBeat All Access to unlock brokerage rankings	Strong Buy Subscribe to MarketBeat All Access to unlock analyst rankings	Downgrade	Strong-Buy ➝ Outperform	$52.00 ➝ $38.00	+22.80%
8/12/2026	Stifel Nicolaus Subscribe to MarketBeat All Access to unlock brokerage rankings	Jim Duffy Subscribe to MarketBeat All Access to unlock analyst rankings	Lower Target	Buy	$60.00 ➝ $41.00	+31.83%
8/12/2026	Telsey Advisory Group Subscribe to MarketBeat All Access to unlock brokerage rankings	Cristina Fernandez Subscribe to MarketBeat All Access to unlock analyst rankings	Lower Target	Outperform	$51.00 ➝ $43.00	+38.96%
8/12/2026	Robert W. Baird Subscribe to MarketBeat All Access to unlock brokerage rankings	Jonathan Komp Subscribe to MarketBeat All Access to unlock analyst rankings	Lower Target	Outperform	$70.00 ➝ $55.00	+77.74%
8/11/2026	Truist Financial Subscribe to MarketBeat All Access to unlock brokerage rankings	Joseph Civello Subscribe to MarketBeat All Access to unlock analyst rankings	Lower Target	Buy	$48.00 ➝ $40.00	+29.27%
8/11/2026	Williams Trading Subscribe to MarketBeat All Access to unlock brokerage rankings	Sam Poser Subscribe to MarketBeat All Access to unlock analyst rankings	Set Target		$32.00	+3.41%
8/11/2026	William Blair Subscribe to MarketBeat All Access to unlock brokerage rankings		Downgrade	Outperform ➝ Market Perform
11/17/2025	Singular Research Subscribe to MarketBeat All Access to unlock brokerage rankings		Upgrade	Strong-Buy
11/13/2025	TD Cowen Subscribe to MarketBeat All Access to unlock brokerage rankings	John Kernan Subscribe to MarketBeat All Access to unlock analyst rankings	Boost Target	Buy	$55.00 ➝ $57.00	+33.07%
3/11/2025	HSBC Subscribe to MarketBeat All Access to unlock brokerage rankings		Upgrade	Hold ➝ Buy	$58.00	+31.28%

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Friday at 02:11 AM ET.

Should I Buy ON Stock? ONON Pros and Cons Explained

These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Thursday, October 15, 2026. Please send any questions or comments about these ON pros and cons to contact@marketbeat.com.

ON
Bull Case

Here are some ways that investors could benefit from investing in On Holding AG:

On Holding AG is currently trading at $35.11, which is significantly below the consensus price target of $43.17 set by twenty-eight ratings firms, suggesting potential upside for investors who believe the market has overreacted to recent earnings misses.
Management has set an ambitious long-term growth target of at least CHF 5.6 billion in annual sales by 2029, which approaches $7 billion, indicating a strategic push to expand from a specialist running-shoe brand into a broader sportswear competitor while maintaining premium pricing.
Key insiders, including CEO Caspar Coppetti and Olivier Bernhard, demonstrated confidence in the company's future by purchasing 65,000 shares each at an average price of $30.67 in August 2026, signaling that leadership believes the stock is undervalued relative to its intrinsic worth.
The company has shown strong revenue momentum, with quarterly revenue growing 13.5% year-over-year to $1.05 billion in the most recent quarter, and analysts forecast earnings per share of $1.51 for the current fiscal year, reflecting continued operational expansion.
On Holding AG maintains a healthy balance sheet with a debt-to-equity ratio of 0.25 and a current ratio of 2.83, providing financial flexibility to fund its global distribution network and store expansion without excessive leverage risk.

ON
Bear Case

Investors should be bearish about investing in On Holding AG for these reasons:

The stock has experienced significant volatility and a sharp decline from its 52-week high of $51.08 to its recent low of $26.36, with a beta of 2.08 indicating that On Holding AG is twice as volatile as the overall market, which may deter risk-averse investors.
Recent earnings results have disappointed analysts, with the company reporting an EPS of $0.35 in the last quarter, missing the consensus estimate of $0.42, and revenue of $1.05 billion falling short of the expected $1.09 billion, raising concerns about execution and demand.
Short interest has increased, with 27,891,279 shares shorted as of the latest record date, representing a short percentage of float that has risen to 13.9%, suggesting that a significant portion of the market is betting against the stock's future performance.
Several major financial institutions have recently lowered their price targets, including Bank of America reducing its objective from $46.00 to $43.00 and Robert W. Baird cutting its target from $70.00 to $55.00, reflecting a more cautious outlook on the company's valuation and growth trajectory.
The company faces a pricing constraint as it attempts to expand into broader sportswear categories, with analysts questioning whether On Holding AG can sustain its premium pricing strategy while competing with larger, more diversified athleticwear brands in a crowded market.

ONON Forecast - Frequently Asked Questions

According to the research reports of 28 Wall Street equities research analysts, the average twelve-month stock price forecast for ON is $43.17, with a high forecast of $73.00 and a low forecast of $20.00.

28 Wall Street analysts have issued "buy," "hold," and "sell" ratings for ON in the last year. There is currently 1 sell rating, 5 hold ratings, 20 buy ratings and 2 strong buy ratings for the stock. The consensus among Wall Street analysts is that investors should "moderate buy" ONON shares.

According to analysts, ON's stock has a predicted upside of 22.94% based on their 12-month stock forecasts.

Over the previous 90 days, ON's stock had 5 upgrades and 5 downgrades by analysts.

ON has been rated by research analysts at Bank of America, Barclays, Berenberg Bank, BMO Capital Markets, BTIG Research, Capital One Financial, Citigroup, Evercore, Guggenheim, Jefferies Financial Group, JPMorgan Chase & Co., KeyCorp, Morgan Stanley, Needham & Company LLC, Piper Sandler, Raymond James Financial, Robert W. Baird, Sanford C. Bernstein, Stifel Nicolaus, Telsey Advisory Group, The Goldman Sachs Group, Truist Financial, UBS Group, Weiss Ratings, William Blair, Williams Trading, and Zacks Research in the past 90 days.

Analysts like ON more than other "consumer discretionary" companies. The consensus rating for ON is Moderate Buy while the average consensus rating for "consumer discretionary" companies is Hold. Learn more on how ONON compares to other companies.

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MarketBeat monitors more than a dozen sources for ON analyst ratings, with the most recent rating issued on 10/12/2026.

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ON (ONON) Stock Forecast & Price Target