UPDATE: Baird Starts Allbirds Inc (BIRD) at Outperform

(Updated - November 29, 2021 6:43 AM EST)

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."

For an analyst ratings summary and ratings history on Allbirds Inc click here. For more ratings news on Allbirds Inc click here.

Shares of Allbirds Inc closed at $18.81 yesterday.

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