Birkenstock resumed with a Buy at Citi

Citi resumed coverage of Birkenstock with a Buy rating and $65 price target. The company’s recent secondary offering was for 14M shares with a green shoe of an additional 2.1M, all from L Catterton, which owned 81% of total shares before the offering and now holds 73%, the analyst tells investors in a research note. The firm says Birkenstock executives that sold shares did so largely for tax reasons, according to a company filing, and the shares sold represented 60% of what they owned.