Seaport Research initiated coverage of Birkenstock (BIRK) with a Neutral rating and no price target The firm views Birkenstock as a “12-month brand” with product extension opportunities. However, the company’s Google search interest growth is slowing year-over-year and the U.S. search interest for the Boston was down significantly for holiday, the analyst tells investors in a research note. Seaport adds that the Birkenstock feedback from its December footwear survey “wasn’t too positive.”
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