Birkenstock initiated with a Buy at BTIG

BTIG initiated coverage of Birkenstock with a Buy rating and $60 price target Birkenstock stands out as a unique retail growth story that combines a long brand legacy with future expansion potential, capable of delivering strong double digit top-line growth with stable to improving margins, and this level of strong but predictable growth should command a premium multiple, the analyst tells investors in a research note. Though shares have pulled back more than 20% off highs due to recent noise around slower direct to consumer performance, the firm notes several factors that remain under-appreciated, including Birkenstock’s function-led approach and strong consumer loyalty, which drives both high repeat purchases, and the ability for recent investments to allow Birkenstock to realize its growth opportunities and scale globally.