On Holding (ONON) Stock Drops 22% After Q2 Revenue Miss and Analyst Downgrade
TLDR
- ONON stock fell 22% after Q2 net sales of CHF 850.3 million missed Wall Street’s estimate of CHF 879.57 million.
- Wholesale channel growth slowed sharply to 4.8% globally, with Americas constant currency growth dropping to 13% from 17% in Q1.
- On Holding cut its full-year 2026 net sales growth outlook to the low-20% range, down from “at least 23%.”
- William Blair analyst Dylan Carden downgraded ONON to Hold from Buy, citing weaker earnings visibility and rising inflation pressure.
- Needham cut its price target from $45 to $37, though maintained a Buy rating, while the consensus average target sits at $53.42.
On Holding stock dropped 22% on Tuesday, with NYSE ONON trading down $7.30 to $31.48, sitting close to its one-year low of $30.11. The sell-off came after the company’s Q2 earnings report revealed a revenue miss and a cut to full-year guidance.
Q2 adjusted EPS came in at CHF 0.35, beating estimates by one cent. But that was about all investors had to cheer. Total net sales of CHF 850.3 million fell short of Wall Street’s expectation of CHF 879.57 million.
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