Boot Barn price target raised to $235 from $226 at BTIG

BTIG raised the firm’s price target on Boot Barn (BOOT) to $235 from $226 and keeps a Buy rating on the shares. The company pre-announced stronger than expected Q3 results ahead of its presentation at the ICR Conference as its EPS outlook beat estimates, driven by upside across top line and margin, with broad-based strength across channel, geographies, and product category, the analyst tells investors in a research note. BTIG further cites Boot Barn’s continued merchandise margin expansion due to ongoing private brand growth as well as economies of scale and buying efficiencies.