UBS upgraded BIRK to "buy" with an $85 price target
Shares of footwear retailer Birkenstock Holding PLC (NYSE:BIRK) are 3.9% higher at $56.51 at last glance, following a pair of bull notes. UBS upgraded BIRK to "buy" from "neutral," with a price-target hike to $85 from $52 -- a 56% premium to Friday's close, citing higher-than-expected average selling price and rapid growth in Asia. Citigroup chimed in as well, resuming coverage with a "buy" rating and a $65 price target.
Though Birkenstock stock is fresh off its worst weekly loss since going public in October 2023, it's still up 11.7% over the last six months. The equity hit an all-time high of $61.83 on June 20, and the $54 level has acted as a floor for the subsequent pullback. In the short-term, BIRK boasts a 15.2% quarter-to-date lead.
A short squeeze could also boost the security. Short interest accounts for 14.9% of BIRK's available float, and would take shorts more than four days to cover at its average pace of trading.