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Raymond James lowered the firm’s price target on On Holding (ONON) to $54 from $68 and keeps a Strong Buy rating on the shares. The firm tells investors in a research note that tariffs will dominate earnings calls and stock narratives, but doubts companies will offer details on financial impacts given rapidly changing government messaging, the analyst tells investors in a research note. If Liberation Day tariffs stick, the firm expects a significant negative impact on gross margins and EPS, and would expect collateral damage to demand as consumer spending would likely pull back if inflation accelerates.

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