UPDATE: Telsey Starts Allbirds Inc (BIRD) at Outperform

November 29, 2021 5:08 AM EST
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Price: $13.83 --0%

Rating Summary:
    10 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 31 | New: 42
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(Updated - November 29, 2021 5:08 AM EST)

Telsey analyst Dana Telsey initiates coverage on Allbirds Inc (NASDAQ: BIRD) with a Outperform rating and a price target of $25.00.

The analyst comments "We are launching coverage of BIRD with an Outperform rating and a 12-month price target of $25, equating to an EV/Sales multiple of ~9x applied to our 2023 sales estimate of $454MM. Allbirds is a lifestyle footwear and apparel brand in its early phases of growth that is bringing a new proposition to consumers through its focus on simple designs and sustainable materials. Over the next five years, we forecast a sales CAGR of 26% to $700MM in 2025 from $218MM in 2020 and EBITDA to turn positive in 2023 and reach $45MM in 2025 vs. ($15MM) in 2020. BIRD began trading on the NYSE on November 3, 2021, when its IPO was priced at $15 vs. its target IPO range of $12-$14. Since then, the stock is up 32%."

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 $19.75 yesterday.

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