Allbirds initiated with a Neutral at BTIG

BTIG analyst Janine Stichter initiated coverage of Allbirds with a Neutral rating. The company stands to benefit from two key secular trends, the growing consumer demand for sustainability and the casualization of the workforce, the analyst tells investors in a research note. The firm adds however that Allbirds is still refining its go-to-market strategy to best tap this potential and expand brand awareness. Shares are expected to remain range-bound until the company’s near-term trends inflect or until there is a clearer bridge toward near-term profitability, BTIG states.