Stifel has kept a Buy recommendation and a $60.00 price objective on On Holding AG (NYSE: ONON) after the company named Frank Sluis as its new chief financial officer. The research house said the move supports its view of On’s prospects while highlighting organizational benefits from ending the CEO/CFO dual role.
On announced that Sluis will assume the CFO role effective May 1, 2026, following a broad search that began in April 2025. The appointment replaces Martin Hoffmann, who had been carrying both CEO and CFO responsibilities.
Financial profile and valuation
InvestingPro data cited alongside Stifel’s note indicates On Holding is currently trading below analysts’ average expectations, with a mean price target roughly 39% higher than the company’s then-current trading level. InvestingPro also classifies On’s financial health as "GREAT," pointing to a 62.4% gross profit margin and a balance sheet characterized by having more cash than debt.
Stifel’s read on the appointment
Stifel described Sluis as "a solid cultural fit," noting his background overseeing scaled global consumer businesses at Ahold Delhaize. The firm said those experiences align with On’s market opportunity and welcomed the additional organizational bandwidth that should allow Hoffmann to concentrate on CEO responsibilities and the company’s strategic direction rather than maintaining a split executive role.
Stifel added it sees "strong visibility to global market share gains" for On and suggested the stock "could move higher with execution to the opportunity across 2026." The firm’s maintained price target of $60.00 reflects that confidence.
How other analysts positioned On
Several other brokerages issued fresh assessments alongside On’s CFO update, producing a wide spread of price targets and recommendations:
- KeyBanc lowered its price target to $58 from $68 but kept an Overweight rating despite the company’s recent stock underperformance.
- Goldman Sachs upgraded the stock to Buy and set a $59 price target, citing potential for meaningful growth in revenue, EBITDA and EPS through 2028.
- UBS reiterated a Buy rating and published an $85 target, forecasting robust growth in sales, EBITDA and EPS over the coming five years.
- Williams Trading took a more cautious stance, downgrading On from Buy to Hold and cutting its target to $47, pointing specifically to concerns about the company’s product segmentation strategy and suggesting recent product decisions could be detrimental.
These diverging views underscore a spectrum of analyst expectations about On’s execution and the pace of its expansion.
Implications for investors and markets
The management change and the analyst reactions together affect both the consumer/retail sector outlook for branded athletic footwear and the market’s near-term valuation debate around On. Stifel’s maintained Buy and $60 target, supported by InvestingPro’s positive financial assessment, represent a vote of confidence in the company’s fundamentals and the strategic rationale for separating the CFO function. At the same time, the range of price targets and the Williams Trading downgrade highlight uncertainties around product strategy and execution that market participants will monitor closely.