Raymond James analyst Rick Patel initiated coverage of Birkenstock with an Outperform rating and $52 price target. Despite being founded in 1774, Birkenstock is a growth story trading at an attractive valuation, the analyst tells investors in a research note. The firm believes the company can drive higher revenue through increasing production capacity, assortment diversification, and deeper penetration with wholesale partners. It sees an attractive valuation at current share levels.
