Jefferies Downgrades On Holding as Leadership Shake-Up Suggests Defensiveness Amid Rising Competition and Softening Growth Dynamics

On Holding shakes up leadership team with co-founders David Allemann and Caspar Coppetti taking on dual roles as executive co-chairmen and co-CEOs, while CEO Martin Hoffmann departs. Jefferies sees the move as a response to rising operational complexity and competition from Nike, and remains skeptical about the company's long-term addressable market and growth prospects. The broker has a 'Underperform' rating and a price target of $30, implying downside potential for the stock.