Morgan Stanley raised the firm’s price target on Birkenstock to $58 from $44 and keeps an Equal Weight rating on the shares. The analyst cites the company’s “positive” surprise with its Q2 results and “broad-based” strength by region as it has broadened its total addressable market with a successful range extension into closed-toe shoes. The firm is also adjusting its model with a reduced weighted average cost of capital, or WACC, moving to 8.4% from 9.2%.
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