On Holding AG (ONON) traded lower on Friday, April 24, 2026, with the slide aligning with a new sell-side downgrade. Williams Trading cut the stock to Hold from Buy and reduced its price target to $47 from $55, pointing to expectations for decelerating wholesale order growth in the Americas in fiscal 2026 and slower wholesale order growth in Europe for the “foreseeable future.” (tipranks.com)

The downgrade focuses investor attention on the wholesale channel at a time when markets have been sensitive to any signs of demand normalization across discretionary categories. Even with On’s longer-term direct-to-consumer expansion narrative, a more cautious view on wholesale orders can pressure near-term sentiment because wholesale growth influences volume visibility and retailer reorders.

The company is also heading into a management change effective May 1, 2026, when co-founders are set to become co-CEOs and a new CFO is slated to join, a transition that has already been a point of scrutiny for the stock. With ONON’s next earnings expected in mid-May, investors are likely to look for confirmation that demand trends and channel mix can support guidance despite the more cautious wholesale outlook. (sahmcapital.com)