Boot Barn: Sustained Comp Growth, Expanding Margins, and Exclusive Brands Underpin Buy Rating and $225 Target

TD Cowen analyst Max Rakhlenko maintained a Buy rating on Boot Barn today and set a price target of $225.00.

Max Rakhlenko has given his Buy rating due to a combination of factors tied to Boot Barn’s operating momentum and future growth potential. He highlights that same-store sales are running ahead of expectations, with underlying demand remaining robust even after weather-related disruptions, suggesting the company can likely meet or exceed the high end of its quarterly guidance. Looking further ahead, he expects comparable sales growth to remain healthy into FY27, outpacing consensus estimates and underscoring confidence in the sustainability of current trends.
Rakhlenko also acknowledges near-term gross margin pressure but views it as temporary, driven by tough comparisons in areas like shrink and freight rather than structural issues. He anticipates margin expansion over time as merchandising margins improve through better product economics and enhanced supply chain and buying efficiencies, complemented by ongoing SG&A leverage. A key driver of his conviction is the strong performance of Exclusive Brands, which are growing faster than the overall business, gaining mix, and benefiting from dedicated brand websites that are boosting e-commerce and customer acquisition. Based on this growth profile and margin trajectory, he considers the shares attractively valued at his $225 price target, which assumes a still-reasonable earnings multiple for a leading earnings and market-share grower.

In another report released today, TipRanks – OpenAI also reiterated a Buy rating on the stock with a $203.00 price target.