BTIG Reiterates Buy Rating on Birkenstock Holding plc (BIRK)

BTIG analyst Janine Stichter reiterated a Buy rating and $72.00 price target on Birkenstock Holding plc (NYSE: BIRK).

The analyst commented: "We attended an investor meeting at Birkenstock's Munich headquarters, featuring presentations by senior management highlighting the potential to capitalize on 'white space' opportunities for growth across product and distribution. We appreciated management's long-term thinking and clear prioritization of solid business fundamentals over chasing short-term growth opportunities. Still, even with this disciplined approach, we see a credible path to BIRK sustaining its mid- to high-teens growth algo for the foreseeable future as we note (1) untapped wholesale opportunity across shelf space (both unit depth and assortment breadth) and door counts, (2) tailwinds from a measured DTC rollout of stores, with notable opportunity in APAC. Adj. EBITDA margins should sustain industry-leading levels (30%+) and have room to expand as capacity investments are absorbed and investments are leveraged. Ahead of the event, the company also pre-announced better-than-expected F'Q4 results. We tweak our estimates higher to account for the beat and see valuation as attractive relative to peers offering similar to slower growth. We reiterate our Buy Rating and $72 PT."

For an analyst ratings summary and ratings history on Birkenstock Holding plc click here. For more ratings news on Birkenstock Holding plc click here.

Shares of Birkenstock Holding plc closed at $44.91 yesterday.

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