UPDATE: Baird Starts Allbirds Inc (BIRD) at Outperform
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Baird analyst Mark Altschwager initiates coverage on Allbirds Inc (NASDAQ: BIRD) with a Outperform rating and a price target of $26.00.
The analyst comments "At just ~6 years old and $250 million in revenue, Allbirds is a mission-driven lifestyle/performance brand in the early innings of its growth journey (huge opportunity to build awareness and distribution). Accelerating product innovation, rooted in sustainable materials, aligns with secular trends and creates a strong moat. We see a runway for ~25-30%+ sustained revenue growth and improving profitability as the business scales—a scarce growth profile supporting premium valuation. We’re initiating with a $26 price target, which is based on 8.5x our 2023 sales estimate."
Shares of Allbirds Inc closed at $18.81 yesterday.
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