10 High Growth Stocks Outside Tech Analysts Are Bullish On

5. On Holding AG (NYSE:ONON)

5-Year Revenue CAGR: 25.67%

Average Analyst Upside: 27.8%

Number of Hedge Fund Holders: 53

On Holding AG (NYSE:ONON) is one of the high growth stocks outside tech analysts are bullish on. On July 22, Raymond James downgraded On Holding AG (NYSE:ONON) from Strong Buy to Outperform, setting a new price target of $66. Despite the downgrade, the firm remains optimistic about the company’s long-term outlook. With the stock currently trading at $52.00, the revised target represents an upside potential of approximately 27%.

The change in rating reflects short-term challenges rather than a shift in the broader investment thesis. According to the analyst, macro headwinds, such as slower consumer spending and global economic uncertainty, could weigh on the stock in the near term. Additionally, the firm expects a quarter-over-quarter slowdown in wholesale sales for Q2, primarily due to the timing of new product launches.

Even so, Raymond James continues to see strong growth potential for On Holding, pointing to the brand’s expanding global footprint and growing popularity with performance and lifestyle consumers. The company has also been steadily building out its direct-to-consumer business, which could help offset short-term softness in wholesale. Looking ahead, investors will likely focus on how the company manages inventory, navigates economic pressures, and continues to innovate in a competitive athletic wear space.

On Holding is a premium sportswear company known for its performance running shoes and expanding apparel line.