Why Allbirds Stock Traded Higher Today

Allbirds Inc BIRD traded higher Thursday following an upgrade from Morgan Stanley.

Morgan Stanley analyst Kimberly Greenberger upgraded Allbirds from an Equal-Weight rating to an Overweight rating and lowered the price target from $23 to $17.

Greenberger cited Allbirds revenue growth as a reason for the upgrade: "BIRD is a distinctive, ESG-driven brand and one of few double-digit growth stories in retail."

With the stock having fallen from its highs near $20, the Morgan Stanley analyst thinks it offers a solid entry at current levels. 

"The stock pullback yields an attractive entry point, particularly as we see an opportunity for BIRD to accelerate revenue growth in 2022," Greenberger said.

Related Link: Where Allbirds Stands With Analysts

Allbirds is a global lifestyle brand that innovates with naturally derived materials to make footwear and apparel products.

BIRD Price Action: Allbirds has traded as low as $12.80 and as high as $19.69 over a 52-week period.

The stock closed up 12.23% at $15.23 Thursday.

Photo: Guillermo Fernandes from Flickr.