Boot Barn's Strong Performance and Growth Potential Justify Buy RatingWe expect revenue and comp to exceed consensus, driving upside to earnings. Valuation stands well above historical levels at 29 times our out-year EPS estimate and may temper near-term returns as upside to back-half guidance in particular is at this point relatively assured. We continue to believe in the company’s deep value stemming from tangible store growth in a fragmented western apparel market combined with increased returns to shareholders, which has become a newer and welcome part of the story. Current guidance implies back-half risk on tariff-related drags on demand, where some of the more interesting commentary on the call will be performance of private label goods, which can largely serve as a hedge against tariff gross margin impact.