Since bottoming out in 2022, On Holding (NYSE: ONON) stock has climbed 84%, and the popularity of On's Cloudmonster running shoes had a lot to do with those returns.

As of this writing, the stock is sitting around $31 after hitting a 52-week high of $37.08 last year. But TD Cowen analyst John Kernan believes the company's momentum will send the stock back to those previous highs soon enough. The firm recently slightly raised its price target from $36 to $38 and maintained a buy rating on the shares. Here's why the stock could be on the verge of breaking out to new highs.

On delivered revenue growth of 31% on a constant-currency basis in the fourth quarter. The company is scheduled to release first-quarter 2024 results on Tuesday, May 14. For the full year, management is guiding for year-over-year revenue growth of at least 30%.

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Source Fool.com