William Blair analyst Sharon Zackfia lowered the price target on Birkenstock Holding plc (NYSE: BIRK) to $46.00 (from $50.00) while maintaining a Outperform rating.

The analyst comments "Maintain Buy. Trimming estimates, and lowering PT from $50 to $46, following slight 2Q26 miss and reiterated FY26 guidance. The guidance appears more conservative now than it did in February. Birkenstock trends remain strong, especially in the Americas and APAC. A FY26 guidance beat will likely be the result of an acceleration of DTC trends, driven by store openings, and improved digital engagement. Total 2Q26 revenue increased 7.7% (+14% CC) and missed the consensus expectation by 0.7%. 2Q26 EPS missed the consensus expectation by €0.09, primarily due to a one time non-cash expense of €15M (EPS of €0.08) due to "a change of valuation embedded in senior notes". The lower price target reflects the state of the overall consumer discretionary space, and tempered expectations for near term trends in EMEA."