Bernstein cuts PT on Birkenstock to $55

Birkenstock Holding

30/12/2025 18:41

** Bernstein cuts PT on German sandal maker Birkenstock BIRK.N to $55 from $63, a 33.4% upside to the stock's last close

** Brokerage says FY26 will be much tougher than previously expected, with margin compression, slower growth and reduced earnings forecasts

** BIRK’s FY26 outlook disappointed investors, with 200 bps gross‑margin headwinds, a higher 27% to 28% tax rate vs. 26% prior, and EPS growth slowing to just 6% to 7% versus 45% in FY25, the brokerage says

** Brokerage says slowing online DTC growth signals potential brand fatigue, forcing Birkenstock to rely more on lower‑margin wholesale channels — an inefficient use of capacity that risks eroding brand momentum and overall brand health

** 16 of 20 brokerages rate the stock "buy" or "strong buy", 4 "hold"; median PT is $60 - data compiled by LSEG

** As of last close, BIRK down 27.3% YTD

 (Reporting by Pragyan Kalita in Bengaluru)

 ((Pragyan.Kalita@thomsonreuters.com))