Footwear Stock Downgraded Amid Record Highs

Goldman Sachs downgraded BIRK on its current valuation

Laura McCandless

Deputy Editor

Jun 12, 2024 at 10:57 AM

BIRK

Publicly traded since October, Birkenstock Holding PLC (NYSE:BIRK) is hitting all-time highs today, despite a downgrade from Goldman Sachs to "neutral" from "buy." The firm cited the stock's current valuation, seeing it as "fairly priced." At last check, BIRK was up 0.9% at $59.68, earlier hitting a peak of $60.55.

BIRK is up 26% just in the last month, in part due to its 11.7% post-earnings pop in late May. At this point in the week, the stock is on track for its sixth consecutive weekly gain.

The equity could be due for a short-term dip, however, given its 14-day relative strength index (RSI) of 81.8. This reading sits firmly in "overbought" territory, giving some fuel to today's bear note.

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