Birkenstock (NYSE:BIRK) Rating Increased to Buy at Bank of America

Birkenstock (NYSE:BIRK) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat.com reports. The firm presently has a $65.00 target price on the stock, up from their previous target price of $62.00. Bank of America‘s price target points to a potential upside of 13.62% from the company’s previous close.

Several other brokerages also recently commented on BIRK. Morgan Stanley raised their price target on shares of Birkenstock from $44.00 to $58.00 and gave the company an “equal weight” rating in a report on Tuesday, June 25th. Citigroup began coverage on shares of Birkenstock in a report on Monday, July 1st. They set a “buy” rating and a $65.00 price objective for the company. Evercore ISI lifted their price objective on shares of Birkenstock from $54.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. Stifel Nicolaus lifted their price objective on shares of Birkenstock from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $70.00 price objective on shares of Birkenstock in a report on Thursday, June 13th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Birkenstock presently has an average rating of “Moderate Buy” and a consensus price target of $60.29.

Birkenstock Trading Up 3.0 %

Shares of NYSE BIRK opened at $57.21 on Thursday. Birkenstock has a fifty-two week low of $35.83 and a fifty-two week high of $61.83. The company has a quick ratio of 1.13, a current ratio of 2.87 and a debt-to-equity ratio of 0.56. The firm’s 50-day simple moving average is $55.57 and its 200 day simple moving average is $49.75.

Birkenstock (NYSE:BIRK) last announced its quarterly earnings results on Thursday, May 30th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.35 by $0.09. The firm had revenue of $522.51 million during the quarter, compared to the consensus estimate of $499.98 million. As a group, research analysts forecast that Birkenstock will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Birkenstock

A number of hedge funds have recently modified their holdings of BIRK. Venturi Wealth Management LLC purchased a new position in shares of Birkenstock in the fourth quarter valued at about $83,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Birkenstock in the fourth quarter valued at about $1,886,000. Federated Hermes Inc. purchased a new position in shares of Birkenstock in the fourth quarter valued at about $27,152,000. New York State Common Retirement Fund purchased a new position in shares of Birkenstock in the fourth quarter valued at about $1,067,000. Finally, Amalgamated Bank purchased a new position in shares of Birkenstock in the fourth quarter valued at about $233,000. Hedge funds and other institutional investors own 19.93% of the company’s stock.

About Birkenstock

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.