Allbirds (NASDAQ:BIRD) stock is soaring higher on Thursday after getting an upgrade from Morgan Stanley analyst Kimberly Greenberger.
Greenberger’s upgrade for BIRD stock takes it from its prior equal weight rating to a new overweight rating. The consensus rating for the stock is a buy, which comes from 10 buy ratings and two hold ratings.
While the Morgan Stanley analyst upgraded her rating for BIRD stock, she lowered her price target. This drops Greenberger’s price prediction from $23 per share to $17 per share. The consensus rating for the company’s stock is sitting at $24.36.
Greenberger said the following about BIRD stock in a statement obtained by Barron’s.
“BIRD is a distinctive, ESG-driven brand and one of few double-digit growth stories in retail. While valuation has kept us EW, the stock pullback yields an attractive entry point, particularly as we see an opportunity for BIRD to accelerate revenue growth in 2022.”
Allbirds is a maker of wool shoes that made its Nasdaq debut via an initial public offering (IPO) in November 2021. While the stock saw an initial surge following its IPO, it couldn’t maintain that price and has been on a downward trend since.
News of the new rating for BIRD stock has it experiencing a decent amount of trading today. As of this writing, more than 2.7 million shares of the stock have changed hands. That’s approaching the company’s daily average trading volume of about 3.2 million shares.
BIRD stock is up 8% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.