Shares of On Holding could rise more than 65% as more Wall Streeters get on board the Swiss sneaker company, according to Goldman Sachs. Analyst Richard Edwards upgraded the stock to buy from neutral but cut his price target, saying investors can expect “rapid growth” from the shoe company thanks to the strength of its brand. “On Holding AG is a US-listed Swiss-based sportswear brand founded in 2010. Since 2016, group sales have grown at an impressive +69% CAGR as core franchises (Cloud running shoes, The Roger all-day trainers) strong traction in within the running community,” Edwards wrote in a Monday note. On’s shares debuted on the New York Stock Exchange just last year. The Swiss company has priced its initial public offering in September 2021 at $24 per share. However, as of Friday’s close, shares were trading at $16.93. Growth stocks, vulnerable to rising interest rates and inflation, have been particularly hard hit this year. Regardless, the analyst expects On to continue growing from here, pointing to the company’s recent quarterly results. The company reported strong revenue growth and raised its outlook for the full year 2022. According to the note, in the third quarter of 2022, On sales grew 32% year-over-year in Europe, 57% in North America and 85% in Asia Pacific. “Attractive business model supported by mega trends: 1) we expect On’s strong product offering focused on innovation to drive continued rapid growth and best-in-class gross margins 2) On will benefit from structural tailwinds as penetration of the sportswear fashion market grows. and 3) the move to DTC provides a strong tailwind,” Edwards wrote in a Monday note. The analyst’s 12-month price target of $28, down from $37, suggests the stock could rise 65.3% from Friday’s close of $16.93. On shares jumped 3% in premarket trading on Monday. —CNBC’s Michael Bloom contributed to this report.