03:18 PM EDT, 08/12/2024 (MT Newswires) -- Birkenstock ( BIRK ) is likely to beat fiscal Q3 sales and earnings estimates by a small margin, but will likely maintain its full-year guidance, UBS said in an earnings preview Monday.

According to UBS's research, Birkenstock ( BIRK ) was gaining brand relevance globally as US Google searches for the German shoe manufacturer rose 13% on a 3-month average year-over-year basis in June.

However, the firm said that website visits during fiscal Q3 may not have risen as much as Q2, resulting in its view that the company will beat its Q3 earnings estimate by only a small margin.

UBS said that despite the expected beat, rising macro uncertainty and foreign exchange volatility will prompt Birkenstock ( BIRK ) to maintain its fiscal 2024 sales guidance.

The company expects fiscal 2024 revenue of 1.77 billion euros ($1.94 billion) to 1.78 billion euros. Analysts polled by Capital IQ expect 1.79 billion euro.

UBS maintained a buy rating on the stock with a 12-month price target of $85.

According to UBS, the main upside risk post fiscal Q3 earnings would be a raise in fiscal 2025 outlook in response to strong underlying demand, while the downside risk would have to do with the company missing the so-called bar for the event, which "may be higher than we realize."

Price: 58.40, Change: -0.07, Percent Change: -0.13