Bernstein analyst Luca Solca lowered the firm’s price target on Birkenstock (BIRK) to $50 from $55 and keeps a Market Perform rating on the shares. The firm notes that footwear as a category, seems especially prone to brand cycles, making footwear brands the typical momentum investment. Bernstein’s own analysis of brand momentum remains positive for now, with search interest for Birkenstock continuing to grow year-on-year. However, visibility on underlying brand momentum remains low through winter, given significant seasonality in demand.
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