Birkenstock resumed with a Buy at Deutsche Bank

Deutsche Bank resumed coverage of Birkenstock with a Buy rating and $70 price target as part of a broader research note on Activewear. The market still underappreciates Birkenstock’s industry leading margins and long-runway for top-line growth with shares trading at a lower multiple vs. other growth-peers, the analyst tells investors in a research note. The firm adds that it sees top-line support from capacity expansion, new product silhouettes, and increased market penetration in the Americas and APLA.