In a report released yesterday, Janine Stichter from BTIG reiterated a Buy rating on Boot Barn (BOOT – Research Report), with a price target of $200.00.
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Janine Stichter’s rating is based on Boot Barn’s impressive preliminary fiscal Q1 update, which showed that comparable sales are significantly outpacing guidance. This performance highlights the company’s resilience and effective execution strategies. Stichter has increased the fiscal Q1 earnings per share estimate due to these strong sales trends, although she maintains a conservative outlook for the rest of the year.
Additionally, Boot Barn’s strategic initiatives, such as increased marketing spend and enhancements in e-commerce and omni-channel capabilities, are expected to drive further growth. Despite the stock’s valuation being above historical averages, Stichter believes it is justified given Boot Barn’s potential for mid-teens unit growth and sustained positive comparable sales. Consequently, she reiterates a Buy rating with a price target of $200, viewing the current market conditions as an opportunity for the company to gain market share.
Stichter covers the Consumer Cyclical sector, focusing on stocks such as Boot Barn, Foot Locker, and Lululemon Athletica. According to TipRanks, Stichter has an average return of 6.8% and a 45.87% success rate on recommended stocks.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $184.00 price target.
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