Raymond James upgraded On Holding to Strong Buy, setting $52 price target, implying 15.5x EV/EBITDA.
Analyst cited recent share price weakness, 22% projected EBITDA growth in 2027 and valuation appeal at ~10x EV/EBITDA.
Deckers was downgraded to Outperform, but still expected to beat Q4 revenue/margins with FY2027 EPS forecast $7.40 versus $7.30 consensus.
Tax refunds rose 14.5% YoY to $241bn supporting spending, while gasoline at $4.04/gallon (+34% YoY) pressures wallets by $3.7bn weekly.