Goldman Sachs upgraded Birkenstock (BIRK) to Buy from Neutral with an unchanged price target of $60. The firm sees “robust” momentum and an attractive valuation for Birkenstock in a challenging macro backdrop. The company has a “strong” product proposition with pricing power along with opportunities to win share in a “highly fragmented” footwear market, the analyst tells investors in a research note. Goldman also expects Birkenstock’s vertically integrated manufacturing process in Europe to drive resilient margins.
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