BMO Capital raised the firm’s price target on Birkenstock to $54 from $50 and keeps an Outperform rating on the shares. The company reported a Q1 Sales and EBIT beat, tempered by below-the-line pressures, while its reiterated FY24 guidance will likely prove conservative, the analyst tells investors in a research note. With gains again across units and average sales prices, along with strong success in closed-toe silhouettes, BMO “continues to see white space ahead”.
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