Birkenstock price target lowered to $70 from $77 at Evercore ISI

Evercore ISI lowered the firm’s price target on Birkenstock to $70 from $77 and keeps an Outperform rating on the shares. While telling investors that yesterday’s results “warrant us to trim our premium valuation,” the firm adds it would be buyers and thinks Birkenstock’s pullback following fiscal Q3 results creates an opportunity. The demand/brand growth story is not “off track at all,” but Birkenstock’s instinct to follow demand regardless of channel does make forecasting the P&L more difficult in the near-term, the analyst tells investors.