Shares of fast-moving running shoe upstart On Holding (NYSE: ONON) had a solid 2023, rallying some 80% with just a couple of weeks to go in the year and steadily clawing their way back to their price at the initial public offering (IPO) in late 2021.

The Swiss company put up impressive numbers in spite of pressure mounting on the global consumer, and investors have been pleased with management's goals through 2026.

Nevertheless, this remains a richly valued shoe stock, one that assumes On Holding sails past the 2023 finish line and keeps right on going into 2024. Is it time to buy?

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Source Fool.com