Birkenstock (BIRK) stock has been pressured by tariffs, trading at $39-40 down from $60+ highs, but recent court rulings eliminating IEEPA and Section 122 tariffs could reduce effective tariff rates from ~30% to 8-10%. May 13th earnings represents the first opportunity for management to revise guidance and disclose tariff refund claims, potentially shifting narrative from value to growth stock and supporting a $55+ price target at 19x forward P/E.