On Holding’s Kylian Mbappé Deal Splits Analysts — Why Wall Street Has Different Takes On ONON

• Jefferies kept an Underperform rating and $20 price target, implying nearly 27% downside from Thursday’s close.
• Evercore ISI has an Outperform rating and $40 price target, implying 46% upside.
• Stocktwits retail sentiment jumped to ‘extremely bullish,’ while message volume rose to ‘extremely high’ over the past 24 hours.

On Holding AG (ONON) is getting different reactions from analysts after signing French football star Kylian Mbappé as an athlete partner and global ambassador. While Jefferies sees the deal as evidence that the company may need to spend more to maintain growth, Evercore ISI views the investment in soccer as a potential near-term catalyst.

At the time of writing on Friday afternoon, ONON stock was up 0.15% after jumping more than 4% following the announcement.

Jefferies Sees Rising Costs

Jefferies said the Mbappé deal does not necessarily represent a new source of growth for On Holding. Instead, the firm said it could show that the company needs to increase spending to sustain its growth, according to TheFly.

The firm maintained an ‘Underperform’ rating and a $20 price target on ONON, implying a downside of nearly 27% from Thursday’s close. The analyst also compared it to Under Armour’s (UAA) partnership with NBA star Steph Curry, saying signing a major athlete does not automatically make a brand a leading player in a sport. Curry and Under Armour made their breakup official in November 2025, announcing that a decade-plus partnership had ended.

Jefferies added that soccer is among the most expensive categories to enter and said performance credibility cannot simply be bought.

Evercore Sees Soccer As Catalyst

Evercore ISI took a different view of On Holding’s soccer push following its investment in both Mbappé and Thierry Henry.

The firm described the move as a direct challenge to Nike (NKE) and Adidas, which it said have “a near-monopoly in the category.” While On Holding’s entry into soccer had been expected ahead of next week’s analyst day, Evercore said the company’s investment in the large global category could provide a positive near-term catalyst for the stock.

Evercore has an ‘Outperform’ rating and a $40 price target on ONON, implying an upside of 46% from the last close.

ONON Stock: Stocktwits Retail Sentiment

Retail sentiment on Stocktwits for ONON jumped to ‘extremely bullish’ from ‘bullish’ over the past 24 hours. Message volume also climbed from ‘high’ to ‘extremely high’ during the same period.

One retail trader described the signing as “super news” and said it could finally give ONON a long-awaited boost, similar to the impact Roger Federer had in tennis.

Federer owns roughly 2.5% of the Swiss athletic shoe company, according to Forbes estimates.

Analysts See Upside

According to Koyfin data, 25 of the 31 analysts covering On Holding have a ‘Buy’ or ‘Strong Buy’ rating on the stock. The 12-month average price target is $42.57, implying potential upside of nearly 56% from Thursday’s close.

Despite the recent jump following the Mbappé announcement, ONON stock has lost nearly 41% year-to-date.

Also See: Kylian Mbappé Joins On Holding – Nike Just Lost One Of Its Biggest Soccer Stars After Nearly 20 Years

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