Max Rakhlenko, an analyst from TD Cowen, maintained the Buy rating on Boot Barn (BOOT – Research Report). The associated price target is $185.00.
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Max Rakhlenko has given his Buy rating due to a combination of factors that suggest potential growth and resilience for Boot Barn. Despite a softer fourth quarter, the company has shown a strong start to the fiscal year 2026, with impressive comparable sales growth in April and early May. This positive momentum indicates that the company’s guidance for the first quarter and the full fiscal year appears reasonable, with opportunities for upside.
Boot Barn’s strategy to pass through a mid-single-digit price increase is expected to have limited elasticity impact, given the nature of its product categories. Additionally, the company plans to significantly reduce its exposure to tariffs by decreasing reliance on Chinese manufacturing for its exclusive brands. This strategic move, along with the potential for growing its exclusive brand mix, positions Boot Barn to capture market share and improve merchandise margins. Although challenges in buying and occupancy costs are anticipated, these are expected to be offset by the company’s long-term margin opportunities.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $173.00 price target.