Jefferies reiterates Buy on Birkenstock following pullback, solid quarter

Jefferies says Birkenstock reported healthy Q3 results, with revenue roughly in line with consensus and all regions generated double digits percentage growth. B2B strength was highly encouraging as the company continues to gain open-to-buy share, however, the softer DTC growth and implied Q4 top-line guide are likely the key reasons for today’s share performance, Jefferies notes. With ample whitespace ahead and management executing upon its long-term growth algo, the firm reiterates a Buy rating on the shares with a $75 price target.