UPDATE: Berenberg Starts Allbirds Inc (BIRD) at Hold
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Berenberg initiates coverage on Allbirds Inc (NASDAQ: BIRD) with a Hold rating and a price target of $23.00.
The analyst commented, "With comfort and sustainability differentiating the brand in a fiercely competitive footwear market, we expect several years of strong growth ahead for Allbirds. However, the market also appreciates the company’s growth prospects, in our view, with the stock significantly outperforming since pricing its IPO on 2 November). Trading at 12.9x our 2021E sales, we find the risk/reward to be relatively balanced. We initiate with a Hold rating."
Shares of Allbirds Inc closed at $24.47 yesterday.
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