Boot Barn: Buy Rating Backed by Store Expansion, Exclusive Brand Growth, and Margin Upside

Jay Sole, an analyst from UBS, reiterated the Buy rating on Boot Barn. The associated price target was raised to $267.00.

Jay Sole has given his Buy rating due to a combination of factors tied to Boot Barn’s growth profile and financial outlook. He views Boot Barn as a leading player in the specialized westernwear and workwear markets, with meaningful room for expansion through the potential addition of about 400 stores over the next five years, which he expects to support mid‑teens annual EPS growth. He also believes the company is positioned to weather tariff pressures better than smaller competitors, potentially accelerating market share gains, especially for its higher-margin exclusive brands. The latest quarterly results, including solid comparable sales growth despite weather-related disruptions and strong e-commerce performance, reinforce his confidence in the company’s trajectory.
Furthermore, Sole highlights management’s initiatives to launch and expand standalone websites for owned brands such as Hawx, Cody James, Shyanne, Cleo + Wolf, and Rank 45, which should drive greater penetration of exclusive brands and support margin improvement. He expects merchandise margin expansion in coming years as Boot Barn diversifies sourcing into lower-tariff regions and benefits from reduced tariff rates in markets like India, along with planned price increases on exclusive brands. While he makes a minor reduction to near-term EPS estimates due to higher SG&A from new store openings, his longer-term earnings forecasts for FY27–FY28 move higher on a more constructive gross margin outlook. Based on these factors, he sets a price target of $267, implying substantial upside from the current share price and a valuation that he considers reasonable relative to peers and supported by both multiples and DCF analysis.

According to TipRanks, Sole is a 4-star analyst with an average return of 5.3% and a 51.32% success rate. Sole covers the Consumer Cyclical sector, focusing on stocks such as Nike, American Eagle, and Gap Inc.

In another report released today, TD Cowen also maintained a Buy rating on the stock with a $225.00 price target.