The German footwear company, Birkenstock (NYSE:BIRK), which recently debuted on the New York Stock Exchange (NYSE), has been the subject of diverse analyst coverage. After underperforming its initial public offering (IPO) price of $46 per share by closing at $41 on its first trading day, the company has seen a marginal recovery, closing at $41.16 last Friday.
Several financial institutions have initiated their coverage on Birkenstock. Jefferies analysts project a rise to $50 next year, attributing this optimism to the brand's history and loyal customer base. Goldman Sachs (NYSE:GS) also anticipates market share gains due to easing supply constraints and Birkenstock's pricing power. J.P. Morgan views the management's revenue growth forecast as prudent.
In contrast, Morgan Stanley (NYSE:MS) assigned a price target of $41 with an "equal-weight" rating, arguing that most catalysts are factored into the current price. HSBC (LON:HSBA) analysts foresee a gross margin decline due to recent production investments. Other brokerages have set price targets ranging from $42 to $48.5.
Furthermore, Birkenstock has received coverage initiation from financial institutions including HSBC, JPMorgan Chase & Co. (NYSE:JPM), Deutsche Bank (ETR:DBKGn) Aktiengesellschaft, BNP Paribas (OTC:BNPQY), and William Blair. These institutions have given ratings spanning from “hold” to “overweight” to “outperform,” setting price objectives ranging from $42.00 to $48.00. The stock has accumulated four hold ratings and ten buy recommendations, culminating in a Moderate Buy consensus as per MarketBeat.com data, with an average target of $46.50.
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