01:13 PM EST, 03/08/2024 (MT Newswires) -- On Holding ( ONON ) is likely to beat Q4 market estimates as its "extremely strong" brand heat, driven by increasing brand awareness, is believed to have continued in the last quarter, Wedbush said in a note Friday.

"We remain bullish, as we believe the company had a strong holiday season and remains one of the strongest-momentum brands in our coverage," Wedbush said. On Holding's ( ONON ) Q4 guidance is expected to be conservative, leading to another impressive performance when the company reports Q4 results on Tuesday, it added.

Wedbush also expects the company to provide fiscal year 2024 guidance at or above current Wall Street numbers, with a likelihood of consistently beating expectations and raising outlooks throughout the year.

Wedbush raised its fiscal year 2023 and 2024 earnings per share estimates for the company to $0.46 and $0.76 from $0.43 and $0.67, respectively.

Wedbush maintained an outperform rating on On Holding ( ONON ) and raised its price target to $38 from $33.

Price: 32.94, Change: +0.92, Percent Change: +2.87