Birkenstock Holding plc (BIRK) saw its shares drop sharply by 5.04% during intraday trading on Friday. The decline followed a series of analyst ratings that initiated coverage on the stock with a Neutral rating.
Seaport Research Partners and Seaport Global Securities both started coverage on Birkenstock with a Neutral rating, which may have dampened investor enthusiasm. While the stock has an average rating of overweight and a mean price target of $59.84 according to FactSet, the lack of bullish sentiment from these analysts could have contributed to the sell-off.
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