UBS sees ON Holding's Q1 earnings as a catalyst for stock re-rating amid strong sales momentum.

UBS expects ON Holding's upcoming Q1 earnings report to potentially trigger a re-rating of the company's stock valuation due to strong sales momentum exceeding expectations by about 200 basis points. Despite cautious investor sentiment linked to recent CEO changes, UBS notes healthy demand indicators such as a 20% rise in global website traffic and a 35% increase in European consumer spending. The bank maintains a 'Buy' rating with an $85 price target, highlighting the stock's current valuation discount and potential upside if growth continues. ON Holding will report its Q1 results on May 12.