Birkenstock rallies, hits IPO price for first time

Klaviyo

29/11/2023 15:35

** Shares of German sandal maker Birkenstock  BIRK.N  up
1.8% at $46.21 on Weds, hitting its IPO price for the first time
    ** BIRK's shares flopped to as low as $35.83 just days after
co's Oct 11 debut and have since languished below the $46 IPO
price
    ** But BIRK shares popped >9% on Tues amid record
Thanksgiving weekend retail sales and as yields fell after Fed
official's comments signaled interest rate cuts may be on the
horizon
    ** Along with underwhelming post-debut performances from
chip designer Arm Holdings  ARM.O , grocery delivery app
Instacart/Maplebear  CART.O  and marketing automation firm
Klaviyo  KVYO.N , Birkenstock dampened hopes for a U.S. IPO
market resurgence
    ** 12 of 17 Wall Street analysts rate BIRK "buy" or "strong
buy", rest have "hold" and their median price target is $47.21,
LSEG data showed
    ** The price targets range from $37.15 to $59.01

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))