Wall Street starts Birkenstock with top rating, flags limited upside

- Brokerages including J.P. Morgan and Goldman Sachs have started coverage on Birkenstock, with most of them assigning their top ratings as they bank on brand loyalty and easing supply chain issues at the German luxury sandal maker.

Jefferies is among the most bullish, expecting the stock to end next year at $50, which represents an over 21% jump from current levels. But not all analysts are as optimistic. Morgan Stanley is skeptical of any upside, assigning a price target of $41 and an "equal-weight" rating, as it sees most catalysts as already priced in. HSBC analysts, meanwhile, expect recent production investments to weigh on gross margin.Birkenstock shares fell in the days after its debut on Oct. 11, dropping as low as $35.

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