Birkenstock price target lowered to $83 from $85 at UBS

UBS lowered the firm’s price target on Birkenstock (BIRK) to $83 from $85 and keeps a Buy rating on the shares. The firm’s checks suggest Birkenstock’s fundamentals have been strong, and UBS expects the company will deliver a small Q4 sales beat and FY24 sales growth guidance that is in-line to slightly better than market expectations, the analyst tells investors in a research note. The firm says its conversations with retailers indicates Birkenstock’s sell-through during Q4 has been very strong and at full-price.