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.
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