ON (NYSE:ONON) Rating Increased to Buy at HSBC

ON (NYSE:ONON - Get Free Report) was upgraded by equities research analysts at HSBC from a "hold" rating to a "buy" rating in a research note issued on Tuesday, Marketbeat reports. The brokerage currently has a $58.00 target price on the stock. HSBC's price target suggests a potential upside of 31.28% from the company's previous close.

A number of other research analysts also recently issued reports on ONON. Raymond James upgraded ON from an "outperform" rating to a "strong-buy" rating and lifted their price target for the company from $58.00 to $63.00 in a report on Thursday, November 21st. Barclays lifted their target price on ON from $63.00 to $64.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Telsey Advisory Group reissued an "outperform" rating and set a $67.00 price target on shares of ON in a research report on Tuesday, March 4th. Robert W. Baird lifted their price objective on shares of ON from $55.00 to $63.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group lowered shares of ON from a "buy" rating to a "neutral" rating and set a $57.00 price objective for the company. in a research note on Wednesday, February 12th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.90.

Remove Ads

ON Stock Performance

Shares of ONON opened at $44.18 on Tuesday. The company has a 50 day moving average price of $54.90 and a 200-day moving average price of $52.65. ON has a fifty-two week low of $27.37 and a fifty-two week high of $64.05. The stock has a market capitalization of $27.82 billion, a PE ratio of 102.75, a PEG ratio of 1.02 and a beta of 2.35.

Hedge Funds Weigh In On ON

Institutional investors have recently modified their holdings of the stock. Private Trust Co. NA acquired a new stake in ON during the third quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON during the 3rd quarter worth approximately $29,000. Strategic Financial Concepts LLC purchased a new position in shares of ON during the 4th quarter valued at approximately $30,000. Park Square Financial Group LLC acquired a new position in shares of ON in the 4th quarter valued at $32,000. Finally, Legacy Bridge LLC purchased a new stake in ON during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.