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.

$29.87 -0.59 (-1.93%)

Closing price 03:59 PM Eastern

Extended Trading

$30.02 +0.15 (+0.52%)

As of 07:57 PM Eastern

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

Consensus Rating

Moderate Buy

Based on 28 Analyst Ratings

Sell
2

Hold
4

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, 2 have given a sell rating, 4 have given a hold rating, 20 have given a buy rating, and 2 have given a strong buy rating for ONON.

Consensus Price Target

$43.71
46.32% Upside

According to the 28 analysts' twelve-month price targets for ON, the average price target is $43.71. 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 46.32% from the current price of $29.87.

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 9/25/25 to 9/25/26	1 Month Ago 8/26/25 to 8/26/26	3 Months Ago 6/27/25 to 6/27/26	1 Year Ago 9/25/24 to 9/25/25
Strong Buy	2 Strong Buy rating(s)	1 Strong Buy rating(s)	2 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	4 Hold rating(s)	5 Hold rating(s)	4 Hold rating(s)	1 Hold rating(s)
Sell	2 Sell rating(s)	1 Sell rating(s)	1 Sell rating(s)	1 Sell rating(s)
Consensus Price Target	$43.71	$48.57	$55.05	$64.20
Forecasted Upside	46.32% Upside	65.72% Upside	48.41% Upside	45.96% 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	2.79	2.20	2.53
Consensus Rating	Moderate Buy	Hold	Moderate Buy
Predicted Upside	46.32% Upside	199.09% Upside	19.20% Upside
News Sentiment Rating	Neutral News See Recent ONON News	Positive News	Positive News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export

Date	Brokerage	Analyst	Action	Rating	Price Target	Report Date Upside/Downside
9/24/2026	Piper Sandler 2 of 5 stars	Anna Andreeva 3 of 5 stars	Reiterated Rating	Overweight	$45.00	+50.73%
9/24/2026	Sanford C. Bernstein 3 of 5 stars	Aneesha Sherman Not Rated	Reiterated Rating	Outperform
9/24/2026	BMO Capital Markets 3 of 5 stars	Kelly Crago Not Rated	Boost Target	Market Perform	$28.00 ➝ $33.00	+9.15%
9/24/2026	Barclays Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Adrienne Yih Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Boost Target	Overweight	$42.00 ➝ $44.00	+46.02%
9/23/2026	UBS Group Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Jay Sole Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Reiterated Rating	Buy
9/23/2026	Citigroup Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Reiterated Rating	Buy
9/23/2026	Needham & Company LLC Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Tom Nikic Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Boost Target	Buy	$37.00 ➝ $40.00	+35.94%
9/23/2026	BTIG Research Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Janine Stichter Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Reiterated Rating	Buy	$60.00	+103.92%
9/22/2026	The Goldman Sachs Group Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Reiterated Rating	Buy
9/18/2026	Jefferies Financial Group Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Reiterated Rating	Underperform
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.
9/17/2026	Bank of America Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Thierry Cota Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Lower Target	Buy	$46.00 ➝ $43.00	+58.37%
9/14/2026	Berenberg Bank Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Set Target		$38.00	+38.75%
9/11/2026	Guggenheim Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Simeon Siegel Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Set Target		$42.00	+51.33%
9/10/2026	Morgan Stanley Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Alex Straton Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Initiated Coverage	Overweight	$39.00	+45.10%
9/8/2026	Capital One Financial Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Set Target		$28.00	+2.76%
9/8/2026	Weiss Ratings Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Downgrade	Hold (C) ➝ Hold (C-)
9/3/2026	Zacks Research Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Downgrade	Hold ➝ Strong Sell
8/12/2026	Evercore Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Michael Binetti Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Set Target		$40.00	+28.09%
8/12/2026	Raymond James Financial Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Strong Buy Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Downgrade	Strong-Buy ➝ Outperform	$52.00 ➝ $38.00	+22.80%
8/12/2026	Stifel Nicolaus Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Jim Duffy Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Lower Target	Buy	$60.00 ➝ $41.00	+31.83%
8/12/2026	Telsey Advisory Group Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Cristina Fernandez Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Lower Target	Outperform	$51.00 ➝ $43.00	+38.96%
8/12/2026	Robert W. Baird Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Jonathan Komp Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Lower Target	Outperform	$70.00 ➝ $55.00	+77.74%
8/11/2026	Truist Financial Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Joseph Civello Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Lower Target	Buy	$48.00 ➝ $40.00	+29.27%
8/11/2026	Williams Trading Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Sam Poser Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Set Target		$32.00	+3.41%
8/11/2026	William Blair Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Downgrade	Outperform ➝ Market Perform
8/10/2026	KeyCorp Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Ashley Owens Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Reiterated Rating	Overweight
7/2/2026	JPMorgan Chase & Co. Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	Wendy Liu Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Initiated Coverage	Overweight	$51.00	+43.21%
11/17/2025	Singular Research Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		Upgrade	Strong-Buy
11/13/2025	TD Cowen Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating	John Kernan Subscribe to MarketBeat All Access for the analyst's recommendation accuracy rating	Boost Target	Buy	$55.00 ➝ $57.00	+33.07%
3/11/2025	HSBC Subscribe to MarketBeat All Access for the firm's recommendation accuracy rating		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 10:20 PM 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, September 24, 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 authorized a share repurchase program of up to $1 billion through the end of 2029, which signals management confidence in future cash generation and can increase earnings per share by reducing the number of outstanding shares.
The company set ambitious long-term growth targets, aiming for at least CHF 5.6 billion in net sales by 2029 supported by high-teens annual growth in constant-currency terms, indicating a strong trajectory for revenue expansion in sneakers and apparel.
On Holding AG confirmed its full-year outlook and provided third-quarter revenue guidance of approximately $1.2 billion, which is broadly in line with consensus expectations and reduces concern about an immediate slowdown in sales momentum.
The stock is currently trading at $30.44, which is significantly below the consensus price target of $44.75 from analysts who maintain a Moderate Buy rating, suggesting potential upside for investors.
Recent insider activity shows confidence, with CEO Caspar Felix Coppetti and other executives purchasing shares in August 2026, indicating that company leadership believes the stock is undervalued at current levels.

ON
Bear Case

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

Execution risk remains a significant concern, as reaching the 2029 targets will require sustained high growth and successful expansion into new sports categories, which may not materialize as planned.
The stock has experienced volatility, with a beta of 2.08 indicating higher sensitivity to market movements, and it recently hit a 52-week low of $26.36, reflecting investor uncertainty about the company's performance.
Short interest has increased, with 22,998,830 shares shorted as of September 15, 2026, representing 11.47% of the float, which suggests that some investors are betting against the stock's future performance.
On Holding AG missed its earnings expectations in the most recent quarter, reporting an actual EPS of $0.35 compared to a consensus estimate of $0.4203, which may raise concerns about the company's ability to meet its financial targets.
The company's dividend yield is 0.00%, meaning it does not provide income to investors, which may be a drawback for those seeking regular cash flow from their investments.

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 $43.71, with a high forecast of $73.00 and a low forecast of $20.00.

28 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for ON in the last twelve months. There are currently 2 sell ratings, 4 hold ratings, 20 buy ratings and 2 strong buy ratings for the stock. The consensus among Wall Street research analysts is that investors should "moderate buy" ONON shares.

According to analysts, ON's stock has a predicted upside of 46.32% based on their 12-month stock forecasts.

Over the previous 90 days, ON's stock had 5 downgrades and 4 upgrades 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 9/24/2026.

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ON (ONON) Stock Forecast & Price Target