0850 GMT - Red flags are growing around Birkenstock's sales progression, Bernstein warns investors in a note. The German footwear company, known for its sandals, appears to be growing faster still in business-to-business or wholesale than in direct retail sales, Bernstein says. "Experience suggests a healthy brand should grow faster in retail than wholesale," the brokerage says. That worrying trend might point to excessive price hikes by the company, or to a lack of focus on marketing and brand-building, the analysts say. "Without more compelling evidence, any upside to valuations requires faith that demand remains resilient," Bernstein cautions, trimming its target on the New York-listed stock to $50 from $55, keeping a market-perform rating. (joshua.kirby@wsj.com; @joshualeokirby)

(END) Dow Jones Newswires

January 15, 2026 03:50 ET (08:50 GMT)

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