BofA raised the firm’s price target on Birkenstock to $50 from $44 and keeps a Neutral rating on the shares. After the company reported Q4 results and provided an initial FY24 outlook of 17-18% constant currency sales growth and 30% adjusted EBITDA margin, the firm increased its FY24 adjusted EBITDA estimate “slightly” and raised its price target to reflect the higher estimate and rerating in market multiples. However, BofA thinks the company’s best-in-class growth and margin profile is “fairly reflected” in the stock’s premium valuation.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on BIRK:
- Birkenstock (NYSE:BIRK) Slips after FY24 Warning on EBITDA Headwind
- Notable companies reporting before tomorrow’s open
- The lifestyle stocks to own in 2024, according to Piper Sandler
- Short Report: Bearish position in Birkenstock hits new record high
- Seaport Research consumer/apparel analyst holds analyst/industry conference call