Boot Barn price target lowered to $162 from $181 at Piper Sandler

Piper Sandler lowered the firm’s price target on Boot Barn (BOOT) to $162 from $181 and keeps an Overweight rating on the shares. The firm notes shares are -33% year-to-date and appear oversold on tariff concerns. Its read is that sales trends remain steady and within guidance based on supplier conversations, its Q1 Farm & Ranch survey, and Placer traffic data. Piper notes Boot Barn has about 30% of its exclusive brands imported from China placing China tariff exposure on about 12% of sales. All in, ahead of Boot Barn’s mid-May earnings report, the firm thinks shares have a solid risk/reward.