On Holding AG's ( ONON ) stock surged higher by more than 2% in Monday's session, outperforming the SPDR S&P 500 ETF ( SPY ) and the overall market. Investors appear to be taking a bullish stance on the Switzerland-based shoe maker ahead of the company's earnings report Tuesday morning.

On Holding ( ONON ), the Swiss company specializing in running, hiking and athletic shoes, is backed by tennis legend Roger Federer, who owns a 3% stake. The company's stock has struggled, down more than 10% all time since the shoemaker went public late in 2021. 

But, shares have perked up recently. On's stock is up more than 25% YTD, and investors appear to be bullish on the company ahead of its report, due before the open Tuesday morning. Recently, analyst coverage of the stock has been mixed. 

Last week, Wedbush and Baird each raised their price targets for On to $38 a share. Meanwhile, Redburb Atlantic downgraded the stock and stamped it with a price target of $34 a share. 

Jonah Lupton, the CIO and CEO of Lupton Capital, is bullish on the company's future. Lupton predicted that On could continue to eat into Nike Inc's ( NKE ) market share throughout the next few years, on a recent post on X. 

"In less than 2 years I'll walk into my gym and 60% of the members will be wearing $ONON or Hoka (aka $DECK)," Lupton wrote. "Everyone else (including Nike ( NKE )) will be fighting for the other 40%."