Birkenstock: BofA upgrades to buy, target raised

(CercleFinance.com) - Bank of America announced on Thursday that it had upgraded its recommendation on Birkenstock shares from 'neutral' to 'buy', with a target price raised from $62 to $65.


In a research note, the American broker believes that the growth profile displayed by the German sandal manufacturer is proving to be 'increasingly rare' in the current environment.

The professional believes that the positioning in which the stock finds itself at the start of the second half of the year is particularly attractive.

In his opinion, the 20% sales growth target set for the 2024 financial year implies a clear slowdown compared with the first-half pace, whereas most distributors are forecasting an acceleration in activity from one half-year to the next.

BofA believes that the market will welcome the Group's ability to exceed expectations at a time when better-than-expected publications are becoming rarer.

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