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Apr 6

On Holding, Xponential Fitness downgraded as Baird voices … – Seeking Alpha

Fitness Comments Off on On Holding, Xponential Fitness downgraded as Baird voices … – Seeking Alpha

AscentXmedia

The rally for On Holding (NYSE:ONON), Xponential Fitness (NYSE:XPOF), and European Wax Center (EWCZ) has stretched valuations to balance risk/reward dynamics, according to Baird.

The firms analysts told clients it is an opportune time to begin using strength to further reduce exposure to names that have run quickly upward as of late. As such, all three names were reduced to Hold-equivalent ratings from prior Buy recommendations.

We are further reducing group exposure by downgrading several high-quality stocks following sharp year-to-date gains. More specifically, we have maintained a cautious group view given prospective macroeconomic risks, but a positive view of fundamentals for ONON, XPOF, and EWCZ, the team wrote. However, with these stocks +36-89% year-to-date and nearing our price targets, we are stepping aside and will look to revisit with passage of time, or pullbacks tied to group sentiment which could be pressured if slower consumer spending continues beyond March.

On Holding (ONON) and Xponential Fitness (XPOF) each slumped 6.7% shortly after Wednesday's market open. Meanwhile, European Wax Center (EWCZ) -1.2% marked a comparatively modest decline.

Read more on recent management changes at European Wax Center.

Read more:
On Holding, Xponential Fitness downgraded as Baird voices ... - Seeking Alpha

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