Bernstein SocGen Reiterates Market Perform Rating on Birkenstock Holding plc (BIRK)

Bernstein SocGen Group analyst Luca Solca reiterated a Market Perform rating and $50.00 price target on Birkenstock Holding plc (NYSE: BIRK).

The analyst commented: "Highlights from the 2Q26 conference call: 2Q26’s results suggest that top-line momentum is unlikely to accelerate significantly. Granted, 2Q26’s growth rates were impacted by the war in the Middle East, while FX and tariff headwinds should ease in 2H26. But B2B CFx growth still decelerated sequentially to +14%, from +18% in 1Q26, despite marginally easier comparables. Sequentially stable DTC CFx growth of +12% was a positive, particularly in the context of tough comps, but also includes sharply accelerating physical DTC growth of >60%, pointing to persistent pressure online (see Birkenstock: Slight miss in 2Q26).

‘No acceleration’ may well still leave investors disappointed. To some extent, this seems lamentable - guided EPS growth remains high. But, as we have highlighted previously, ‘no acceleration’ with a slight risk of deceleration given uncertain relative brand momentum, fragile macro, and faltering consumer sentiment is probably not good enough. Downside risks in a scenario of stable to slowing brand momentum can be significant in footwear. To make matters worse, an investor faces the risk of further L. Catterton stake sales, while Birkenstock also lacks the dividends and buybacks that would provide incremental support to TSR."

For an analyst ratings summary and ratings history on Birkenstock Holding plc click here. For more ratings news on Birkenstock Holding plc click here.

Shares of Birkenstock Holding plc closed at $33.07 yesterday.

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