Deutsche Bank Cuts Birkenstock Target to $49
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- Deutsche Bank lowered its Birkenstock (NYSE:BIRK) price target to $49 from $50 on February 13, 2026, while maintaining a Buy rating.
- Birkenstock reported Q1 revenue of EUR 401.9M on February 12, 2026, up from EUR 361.72M a year earlier, with CEO Oliver Reichert attributing the result to "continued strong demand for our brand throughout the important holiday season."
- Reichert reiterated Birkenstock's three-year plan targeting 13-15% revenue growth in constant currency and a 30%+ EBITDA margin.
- Reichert said Birkenstock's vertically integrated supply chain is "capacity constrained by design" and that the company will steer by geography, channel, and product to maximize profit per pair and protect brand equity.
- Williams Trading upgraded Birkenstock to Buy from Hold on February 3, 2025 with an unchanged $49 price target, saying the call was based "purely on valuation" with few surprises from the recent Capital Markets Day.
Why it matters: Both Deutsche Bank (after its cut) and Williams Trading (after its upgrade) now sit on the identical $49 Birkenstock target — convergence that materializes even as the company delivered roughly 11% Q1 revenue growth (EUR 401.9M vs. EUR 361.72M) and reaffirmed its 13-15% revenue growth and 30%+ EBITDA margin roadmap, implying the Street sees limited near-term upside from current levels.
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