Shares of On Holdings AG have been trading off its highs as investors worry about future prospects amid a resurgence at Nike Inc.

The company’s 52-week high was $64.05 on Jan. 30, 2025, and the low was $34.38 last Friday.

There’s been some concern since April over On’s ability to maintain its growth trajectory. Wall Street expects a solid third quarter report when On posts earnings results on Wednesday. But looking ahead beyond the third quarter is where it gets interesting, with differing views on whether On’s growth track remains sustainable or could begin to decelerate.

Telsey Advisory Group analyst Cristina Fernández said in a research note on Nov. 5 that the firm will likely see a “natural deceleration” in its growth rate to 20 percent in the third quarter from 32 percent from the

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