Birkenstock price target raised to $62 from $54 at BofA

BofA raised the firm’s price target on Birkenstock to $62 from $54 and keeps a Neutral rating on the shares after the company reported Q2 adjusted EPS that beat the firm’s estimate due to stronger sales, primarily in the Americas and Europe, and a higher gross margin. The firm is increasing its FY24 adjusted EBITDA estimate to EUR 542M to reflect the stronger Q2 results, but remains Neutral-rated as it thinks valuation balances solid near-term results with longer-term risks.