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Birkenstock Gaining Share Beyond Boston Clog, UBS Says

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Birkenstock's (BIRK) direct-to-consumer channel is driving more balanced revenue growth and its closed-toe styles are gaining traction beyond the Boston clog, positioning the brand to take significant share in the premium global casual footwear category, UBS said in a note Thursday.

UBS noted the brand's share of closed-toe silhouettes expanded 500 basis points year-over-year, with non-Boston franchises such as Naples and Utti growing 50%, countering concerns that closed-toe growth relies solely on the Boston clog.

Sell-through in the US sports and youth channel rose 20%, which UBS said should support back-to-school demand in Q4.

UBS maintained its buy rating on the stock with a $76 price target.

Price: $39.67, Change: $-1.33, Percent Change: -3.24%

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