Birkenstock price target raised to $60 from $54 at BMO Capital

BMO Capital analyst Simeon Siegel raised the firm’s price target on Birkenstock to $60 from $54 and keeps an Outperform rating on the shares. The company’s Q2 results were driven by broad-based sales strength flowing through to gross and operating margins, and with continued unit and average sales price growth and strong success in closed-toe silhouettes, the firm sees “meaningful whitespace” for Birkenstock, the analyst tells investors in a research note. BMO further cited the company’s ongoing balance sheet deleveraging along with its commitment to further improvement.