Nike's Loss Is On's Gain, Valuation Now Excessively Low (Rating Upgrade)

On Holding has sold off ~30% YTD, creating a deep value opportunity disconnected from fundamentals. I am upgrading ONON to a strong buy, citing an overdone selloff and attractive long-term prospects. The CEO transition to co-founders is viewed as a positive, ensuring continuity and long-term vision for ONON.