Birkenstock assumed with an Overweight at Piper Sandler

Piper Sandler assumed coverage of Birkenstock (BIRK) with an Overweight rating and $65 price target The firm says Birkenstock offers “scarcity value” given its mid-to-high teens sales algorithm, white space distribution and 30% EBITDA margins that are “poised for upside” in fiscal 2025 after headwinds with capacity expansion begin to normalize. As such, the shares deserve a premium multiple, the analyst tells investors in a research note.