LONDON (ShareCast) - (Sharecast News) - Berenberg has hiked its target price for Dr Martens by a tenth and kept a 'buy' rating on the stock following the bootmaker's stronger-than-expected annual results this week.
Shares in the footwear company surged on Thursday after it beat company-compiled consensus forecasts for adjusted profits by 11%.

The firm also said it expected 2026 earnings to be in line with guidance and would cut discounts in the Americas and EMEA regions under a turnaround plan led by new boss Ije Nwokorie. It added that prices would remain unchanged despite the impact of US tariffs as all of its spring/summer stock was in the marke.

In a research note on Friday, Berenberg said results from the firm were "pleasing", noting the profit beat and much lower net debt than expected.

While the broker has lowered its current-year earnings forecasts due to negative FX movements and the absorption of tariff costs, it hailed the company's strategic update that accompanied the results.

Dr Martens' Levers for Growth strategy is attempting to shift the business "from a channel-first to a consumer-first mindset", according to Nwokorie. That includes plans to engage with more consumers and drive more product purchase occasions.

According to Berenberg, the plan "broadens the scope of the brand's ambition which, in our view, should support recovery and growth".

"A broader focus makes sense to us, given the diverse appeal of the Dr Martens brand across ages, genders and geographic regions," Berenberg added.

The broker raised its target for the shares from 102p to 114p.

The stock was up a further 6.5% at 80.3p by 1113 BST, following a 26% jump the previous session.

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