Boot Barn price target raised to $218 from $185 at Piper Sandler

Piper Sandler raised the firm’s price target on Boot Barn (BOOT) to $218 from $185 and keeps an Overweight rating on the shares following an exceptionally strong beat-and-raise Q1. While buyside comparable sales growth expectations were high due to an early June comp growth update, the comp of +9.4% largely met expectations. But much better-than-expected merchandise margin expansion drove a notable EPS beat, the firm adds. All in, with consistently strong comp growth, unit growth of 15%, and long-term gross margin drivers, Boot Barn has one of the most attractive long-term growth profiles in Piper’s coverage universe.