Boot Barn upgraded to Buy from Hold at Jefferies

Jefferies upgraded Boot Barn (BOOT) to Buy from Hold with an unchanged price target of $195. The stock’s valuation has “meaningfully reset” while the company’s execution and underlying demand trends remain intact, the analyst tells investors in a research note. The firm says Boot Barn shares have e-rated despite continued sales resilience, sustained new store growth, and stable fundamentals. As such, Jefferies sees a more favorable risk/reward from here.