On Holding AG (NYSE:ONON) reported its quarterly results ahead of expectations and raised its full-year guidance, according to Goldman Sachs.
The On Holding Analyst: Analyst Richard Edwards reiterated a Neutral rating and price target of $64.
The On Holding Thesis: The company's second-quarter adjusted EBITDA came in 17.9% above consensus estimates, driven by net sales growth of 32% year-over-year, versus expectations of 24.2%, Edwards said in the note.
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On Holding's adjusted EBITDA margin of 18.2% outperformed consensus of 16.4%, he added.
Management raised their 2025 guidance to reflect at least 31% sales growth in constant currency terms, versus their previous projection of at least 28%, the analyst stated. The latest guidance came in-line with market expectations, he commented.
"Gross margin of 60.5%-61% compared with 60%-60.5% previously (consensus 60.4%), Adj. EBITDA margin between 17%-17.5% compared with 16.5%-17.5% previously (consensus 17.1%)," Edwards further wrote.
ONON Price Action: Shares of On Holdin ghad risen by 9.43% to $50.03 at the time of publication on Tuesday.
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