Shares of Swiss footwear maker On can roughly double from here as its brand becomes a breakout hit globally, according to UBS. Analyst Jay Sole said his buy rating conviction in the stock increased after reviewing the results from a UBS global athletic survey that suggested On could outperform in a crowded market. “We continue to view ONON as one of Softlines’ best growth stocks,” Sole wrote in a note Wednesday. “UBS Evidence Lab’s 2022 Global Athletic Survey reveals the On brand is gaining traction with global consumers. We maintain our view ONON can grow its top-line at a high 30% 5-yr. CAGR.” On debuted on the New York Stock Exchange in September 2021 when it priced its initial public offering at $24 per share. This year, it has plummeted roughly 53% as investors dumped shares of growth companies. Shares of On closed Tuesday at $17.71. Regardless, the analyst expects that the stock can surge nearly 98% to his $35 price target, saying that the company has “a set of characteristics few other athletic wear brands possess.” The Swiss footwear brand is already popular with athletes and outdoor enthusiasts, and it’s expected to expand its direct-to-consumer business at a premium price structure. According to a UBS survey, On ranks fifth globally among consumers as a brand that is “good for doing sports,” a characteristic the analyst expects is “key to its future success.” UBS surveyed 5,500 representative consumers from the U.S., China, France, Germany and the United Kingdom, according to the note. This means that On has the potential to be a high-margin business that can capture a “very high percentage” of the $360 billion global athletic wear industry, according to the analyst. “Our conversations with investors suggest some view ONON has a ‘stay-at-home’ beneficiary and/or ‘profitless growth.’ We have high conviction neither of those views are accurate and believe ONON’s earnings reports over the NTM will establish this,” Sole wrote. — CNBC’s Michael Bloom contributed to this report.