<p>Birkenstock Holding plc，这家消费周期性行业公司，昨天被华尔街分析师重新评估。来自花旗的分析师 Paul Lejuez 对该股票维持了买入评级，并设定了 65.00 美元的目标价。</p>
<p>Paul Lejuez 给予买入评级的原因是多种因素的结合，突显了 Birkenstock 强劲的需求特征和良好的增长前景。他指出，最近的业绩，包括假期和第一季度，显示出强劲的销售势头，尤其是在像 Boston 这样的封闭式鞋款中，强调了消费者对该品牌的健康需求。管理层的评论指出，各地区普遍表现强劲，尤其是在亚太地区的快速扩张，并确认批发合作伙伴积极参与品牌推广，有效地提升了市场营销，而没有大幅增加 Birkenstock 自身的支出。这些动态，加上强劲的全价销售，增强了对公司维持吸引人顶线增长能力的信心。</p>
<p>与此同时，Lejuez 认为当前的供应链和生产能力限制是暂时性问题，而非结构性问题，并指出目前的需求超过了公司供应产品的能力，尤其是在高峰季节。他强调，管理层优先考虑与批发合作伙伴的长期关系——这些合作伙伴将 Birkenstock 视为他们最有利可图的鞋类品牌——而非短期的销量增长，这将有助于维护品牌价值和渠道健康。随着时间的推移，他预计 Birkenstock 将越来越多地将通过批发发现的新客户转化为其直接面向消费者的渠道，从而改善利润率和客户终身价值。在强劲需求、支持性合作伙伴经济和明确的更大产能及渠道优化路径的背景下，他认为该股票具有显著的上涨潜力，因而建议买入。</p>
<p>在昨天发布的另一份报告中，Telsey Advisory 也维持了该股票的买入评级，目标价为 60.00 美元。</p>

BIRK

<p>Birkenstock Holding plc 收到了花旗分析师 Paul Lejuez 的买入评级，目标价为 65.00 美元。该评级基于强劲的需求，特别是封闭式鞋款，以及广泛的区域增长，尤其是在亚太地区。尽管存在暂时的供应限制，Lejuez 认为需求超过供应，管理层专注于与批发合作伙伴建立长期关系。Telsey Advisory 也维持了买入评级，目标价为 60.00 美元，表明对 Birkenstock 增长潜力和渠道策略的信心</p>

<p>Birkenstock Holding plc, the Consumer Cyclical sector company, was revisited by a Wall Street analyst yesterday. Analyst Paul Lejuez from Citi maintained a Buy rating on the stock and has a $65.00 price target.</p>
<div class="lb-trans"><p>Birkenstock Holding plc，这家消费周期性行业公司，昨天被华尔街分析师重新评估。来自花旗的分析师 Paul Lejuez 对该股票维持了买入评级，并设定了 65.00 美元的目标价。</p>
</div><p>Paul Lejuez has given his Buy rating due to a combination of factors that highlight Birkenstock’s strong demand profile and favorable growth outlook. He notes that recent results, including the holiday period and first quarter, showed robust sales momentum, particularly in closed-toe styles like the Boston, underscoring healthy consumer appetite for the brand. Management’s commentary points to broad-based strength across regions, with especially rapid expansion in APAC, and confirms that wholesale partners are highly engaged in promoting the brand, effectively amplifying marketing without materially increasing Birkenstock’s own spend. These dynamics, coupled with strong full-price sell-through, support confidence in the company’s ability to sustain attractive top-line growth.</p>
<div class="lb-trans"><p>Paul Lejuez 给予买入评级的原因是多种因素的结合，突显了 Birkenstock 强劲的需求特征和良好的增长前景。他指出，最近的业绩，包括假期和第一季度，显示出强劲的销售势头，尤其是在像 Boston 这样的封闭式鞋款中，强调了消费者对该品牌的健康需求。管理层的评论指出，各地区普遍表现强劲，尤其是在亚太地区的快速扩张，并确认批发合作伙伴积极参与品牌推广，有效地提升了市场营销，而没有大幅增加 Birkenstock 自身的支出。这些动态，加上强劲的全价销售，增强了对公司维持吸引人顶线增长能力的信心。</p>
</div><p>At the same time, Lejuez views current supply-chain and production capacity constraints as a temporary issue rather than a structural problem, noting that demand currently exceeds the company’s ability to supply product, particularly during peak seasons. He emphasizes that management is prioritizing long-term relationships with wholesale partners—who view Birkenstock as their most profitable footwear brand on the floor—over short-term volume gains, which should preserve brand equity and channel health. Over time, he expects Birkenstock to increasingly convert new customers discovered through wholesale into its own direct-to-consumer channels, improving margins and customer lifetime value. With this backdrop of strong demand, supportive partner economics, and a clear pathway to greater capacity and channel optimization, he sees meaningful upside potential to the stock, justifying a Buy recommendation.</p>
<div class="lb-trans"><p>与此同时，Lejuez 认为当前的供应链和生产能力限制是暂时性问题，而非结构性问题，并指出目前的需求超过了公司供应产品的能力，尤其是在高峰季节。他强调，管理层优先考虑与批发合作伙伴的长期关系——这些合作伙伴将 Birkenstock 视为他们最有利可图的鞋类品牌——而非短期的销量增长，这将有助于维护品牌价值和渠道健康。随着时间的推移，他预计 Birkenstock 将越来越多地将通过批发发现的新客户转化为其直接面向消费者的渠道，从而改善利润率和客户终身价值。在强劲需求、支持性合作伙伴经济和明确的更大产能及渠道优化路径的背景下，他认为该股票具有显著的上涨潜力，因而建议买入。</p>
</div><p>In another report released yesterday, Telsey Advisory also maintained a Buy rating on the stock with a $60.00 price target.</p>
<div class="lb-trans"><p>在昨天发布的另一份报告中，Telsey Advisory 也维持了该股票的买入评级，目标价为 60.00 美元。</p>
</div>

Birkenstock: Robust Global Demand, Temporary Supply Constraints, and Channel Strategy Support Upside and Buy Rating

- Birkenstock 受到华尔街分析师重新评估，维持买入评级。  
- 花旗分析师 Paul Lejuez 设定目标价 65.00 美元，强调强劲需求。  
- Telsey Advisory 也维持买入评级，目标价 60.00 美元。

Birkenstock：全球需求旺盛，暂时的供应限制以及渠道策略支持其上行潜力和买入评级