Birkenstock (NYSE:BIRK) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of Birkenstock (NYSE:BIRK) from a neutral rating to a buy rating in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has $65.00 price target on the stock, up from their prior price target of $62.00.

BIRK has been the subject of several other research reports. Stifel Nicolaus upped their target price on Birkenstock from $54.00 to $63.00 and gave the stock a buy rating in a research report on Friday, May 31st. JPMorgan Chase & Co. upped their target price on Birkenstock from $56.00 to $64.00 and gave the stock an overweight rating in a research report on Monday, June 3rd. Citigroup began coverage on Birkenstock in a report on Monday, July 1st. They issued a buy rating and a $65.00 price target for the company. Evercore ISI increased their price target on Birkenstock from $54.00 to $63.00 and gave the company an outperform rating in a report on Friday, May 31st. Finally, The Goldman Sachs Group downgraded Birkenstock from a buy rating to a neutral rating and increased their price target for the company from $54.20 to $58.00 in a report on Wednesday, June 12th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Birkenstock presently has a consensus rating of Moderate Buy and a consensus target price of $60.29.

Birkenstock Price Performance

Shares of NYSE:BIRK opened at $57.21 on Thursday. Birkenstock has a 12 month low of $35.83 and a 12 month high of $61.83. The business has a 50-day moving average of $55.57 and a two-hundred day moving average of $49.78. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.13 and a current ratio of 2.87.

Birkenstock (NYSE:BIRK) last issued its earnings results on Thursday, May 30th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.09. The company had revenue of $522.51 million during the quarter, compared to analysts’ expectations of $499.98 million. On average, analysts anticipate that Birkenstock will post 1.37 earnings per share for the current fiscal year.

Institutional Trading of Birkenstock

A number of institutional investors and hedge funds have recently made changes to their positions in BIRK. Venturi Wealth Management LLC acquired a new stake in shares of Birkenstock during the 4th quarter worth approximately $83,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Birkenstock during the 4th quarter worth approximately $1,886,000. Federated Hermes Inc. acquired a new stake in shares of Birkenstock during the 4th quarter worth approximately $27,152,000. New York State Common Retirement Fund acquired a new stake in shares of Birkenstock during the 4th quarter worth approximately $1,067,000. Finally, Amalgamated Bank acquired a new stake in Birkenstock in the 4th quarter valued at approximately $233,000. 19.93% of the stock is currently owned by institutional investors and hedge funds.

Birkenstock Company Profile

Birkenstock Holding plc manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally.