Birkenstock price target raised to $70 from $60 at BMO Capital

BMO Capital analyst Simeon Siegel raised the firm’s price target on Birkenstock (BIRK) to $70 from $60 and keeps an Outperform rating on the shares after its Q4 results. The company demonstrated continued industry-leading growth, with both DTC and Wholesale business having accelerated across regions, the analyst tells investors in a research note. BMO adds that Birkenstock’s gross margins contracted, but the underlying gross margins expanded about 10bps while its adjusted EBITDA margins beat estimates.