On Holding ‘s pricing energy and a possible backlash from Chinese language shoppers towards American manufacturers might assist the inventory stand out from friends, in line with Citigroup. The agency upgraded the sneaker inventory to purchase from maintain on Monday, however lowered its worth goal to $60 per share from $65. Citi’s forecast requires about 33% upside from Friday’s $45.03 shut. Shares have slipped 15% thus far in 2025. Whereas analyst Paul Lejuez lowered his full-year earnings forecast for On Holding because of foreign money headwinds and the influence of President Donald Trump’s wide-ranging tariffs, he stated the corporate’s sturdy momentum ought to assist it emerge as an outlier in attire and footwear. Additionally, as a Switzerland-based firm, it could possibly be seen extra positively exterior the U.S. than its friends as Trump’s world commerce battle continues. ONON YTD mountain On Holding inventory in 2025. “Because the quickest rising model inside athletic/softlines with very sturdy model warmth (and a Swiss model, not American), a geographically numerous gross sales base, and low sourcing publicity in China, we consider ONON is among the greatest positioned manufacturers to navigate the present unsure tariff atmosphere,” Lejuez stated. Client pushback in international locations like China might damage gross sales of manufacturers resembling Nike and Lululemon , Lejuez stated, which might in the end assist On. The power of On’s model and status additionally means it might have the pricing energy to extra simply go on the price of tariffs to shoppers than its friends, he stated. “We’re involved a couple of world shopper slowdown and a backlash towards American manufacturers (notably amongst Chinese language shoppers), which might have a major influence on this group, notably these perceived as American manufacturers with greater China gross sales publicity (NKE, LULU),” the analyst stated. “With disruptions from the tariff state of affairs doubtlessly leading to a backlash in the direction of American manufacturers overseas, as a Swiss model, we consider ONON is in an excellent higher place to take market share in key markets in APAC and EMEA from extra established American gamers like NKE.”