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 , Wolfe Research , and Zacks Research in the past 90 days.

$34.17 -1.25 (-3.52%)

Closing price 10/21/2026 03:59 PM Eastern

Extended Trading

$33.74 -0.43 (-1.26%)

As of 09:12 AM Eastern

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

Consensus Rating

Moderate Buy

Based on 29 Analyst Ratings

Sell
1

Hold
5

Buy
23

Based on 29 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 29 analysts, 1 has given a sell rating, 5 have given a hold rating, 21 have given a buy rating, and 2 have given a strong buy rating for ONON.

Consensus Price Target

$43.48
27.24% Upside

According to the 29 analysts' twelve-month price targets for ON, the average price target is $43.48. 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 27.24% from the current price of $34.17.

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 10/22/25 to 10/22/26	1 Month Ago 9/22/25 to 9/22/26	3 Months Ago 7/24/25 to 7/24/26	1 Year Ago 10/22/24 to 10/22/25
Strong Buy	2 Strong Buy rating(s)	2 Strong Buy rating(s)	3 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	21 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	$43.48	$44.04	$53.79	$63.10
Forecasted Upside	27.24% Upside	49.68% Upside	49.86% Upside	49.47% 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	2.83	2.20	2.53
Consensus Rating	Moderate Buy	Hold	Moderate Buy
Predicted Upside	27.24% Upside	350.10% Upside	16.98% Upside
News Sentiment Rating	Positive News See Recent ONON News	Neutral 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
10/21/2026	Wolfe Research 4 of 5 stars		Initiated Coverage	Peer Perform ➝ Outperform	$47.00	+37.54%
10/20/2026	Jefferies Financial Group 3 of 5 stars		Reiterated Rating	Underperform
10/16/2026	Raymond James Financial 3 of 5 stars	Rick Patel 4 of 5 stars	Boost Target	Outperform	$38.00 ➝ $42.00	+21.12%
10/12/2026	Zacks Research Subscribe to MarketBeat All Access to unlock brokerage rankings		Upgrade	Strong Sell ➝ Hold
10/8/2026	Weiss Ratings Subscribe to MarketBeat All Access to unlock brokerage rankings		Upgrade	Hold (C-) ➝ Hold (C)
10/1/2026	JPMorgan Chase & Co. Subscribe to MarketBeat All Access to unlock brokerage rankings	Wendy Liu Subscribe to MarketBeat All Access to unlock analyst rankings	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%
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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
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
9/17/2026	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	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 Thursday at 09:13 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 Monday, October 19, 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 $35.40, which is significantly below the consensus price target of $43.17, suggesting potential upside for investors who believe the market is undervaluing the company's growth trajectory.
Management has set an ambitious target to reach at least CHF 5.6 billion in annual sales by 2029, which approaches $7 billion, indicating a strong strategic push to expand from a specialist running-shoe brand into a broader global sportswear competitor.
Recent insider activity shows significant confidence, with CEO Caspar Coppetti and other executives purchasing a combined 130,000 shares in August 2026 at an average price of $30.67, signaling that leadership believes the stock is undervalued at current levels.
The company demonstrated strong revenue growth in the most recent quarter, with actual revenue of $1,051.32 million exceeding the prior year's performance by 13.5%, showing that the brand continues to capture market share in the outdoor and athletic footwear sectors.
Analyst sentiment remains positive, with Raymond James Financial raising its price target to $42.00 and maintaining an "outperform" rating, while Morgan Stanley reaffirmed its "Buy" rating, reflecting institutional confidence in the company's premium pricing strategy.

ON
Bear Case

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

The stock has experienced a significant decline from its 52-week high of $51.08 to the current price of $35.40, indicating that the market has been punishing the stock for missing earnings expectations, such as the Q2 2026 EPS miss of $0.35 versus a consensus of $0.42.
Short interest has increased to 27,891,279 shares as of September 30, 2026, representing a 21.3% month-over-month increase, which suggests that a growing number of traders are betting against the stock's future performance.
The company's beta of 2.08 indicates that On Holding AG is highly volatile and tends to move twice as much as the broader market, exposing investors to greater risk during market downturns or periods of economic uncertainty.
Despite revenue growth, the company missed its earnings per share target in the most recent reported quarter, with actual EPS of $0.35 falling short of the consensus estimate of $0.42, raising concerns about the sustainability of its premium pricing strategy and profit margins.
Some institutional investors have reduced their positions, such as Banque Pictet & Cie SA, which sold 93,769 shares in the third quarter, potentially signaling a lack of confidence in the company's ability to sustain its high growth rates in the competitive athletic footwear market.

ONON Forecast - Frequently Asked Questions

According to the research reports of 29 Wall Street equities research analysts, the average twelve-month stock price forecast for ON is $43.48, with a high forecast of $73.00 and a low forecast of $20.00.

29 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, 21 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 27.24% 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, Wolfe Research, 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 10/21/2026.

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ON (ONON) Stock Forecast & Price Target