Boot Barn (NYSE:BOOT) Upgraded to Moderate Buy at Needham & Company LLC

Key Points

• Needham & Company upgraded Boot Barn to “Moderate Buy.” The broader analyst consensus remains “Buy,” with a consensus price target of $206.54.
• Boot Barn reported quarterly EPS of $2.29, exceeding the $1.69 analyst consensus, while revenue rose 17.7% year over year to $593.51 million.
• Shares traded at $121.83, well below their 52-week high of $210.25, with the stock’s 50-day and 200-day moving averages at $139.95 and $152.72, respectively.

Boot Barn (NYSE:BOOT - Get Free Report) was upgraded by research analysts at Needham & Company LLC to a "moderate buy" rating in a research report issued on Friday, Zacks reports.

Several other research firms have also commented on BOOT. Weiss Ratings raised Boot Barn from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Stephens boosted their price objective on Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. BTIG Research restated a "buy" rating and set a $215.00 target price on shares of Boot Barn in a research report on Tuesday, September 15th. Craig Hallum cut their target price on shares of Boot Barn from $235.00 to $224.00 and set a "buy" rating on the stock in a report on Tuesday, September 29th. Finally, TD Cowen reduced their price target on shares of Boot Barn from $225.00 to $190.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $206.54.

Boot Barn Stock Performance

NYSE BOOT traded up $1.21 during trading hours on Friday, hitting $121.83. The company had a trading volume of 894,373 shares, compared to its average volume of 703,781. Boot Barn has a 1-year low of $110.53 and a 1-year high of $210.25. The company has a market cap of $3.69 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 0.78 and a beta of 1.76. The business has a 50 day moving average of $139.95 and a 200-day moving average of $152.72.

Boot Barn (NYSE:BOOT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $2.29 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.60. Boot Barn had a return on equity of 18.78% and a net margin of 10.35%. The business had revenue of $593.51 million for the quarter, compared to analysts' expectations of $583.15 million. During the same quarter in the previous year, the firm earned $1.74 earnings per share. The business's revenue was up 17.7% compared to the same quarter last year. Boot Barn has set its FY 2027 guidance at 8.800-9.230 EPS and its Q2 2027 guidance at 1.550-1.650 EPS. Sell-side analysts expect that Boot Barn will post 9.18 earnings per share for the current fiscal year.

Institutional Trading of Boot Barn

A number of hedge funds have recently added to or reduced their stakes in the stock. Pension & Wealth Management Advisors Inc. acquired a new position in shares of Boot Barn in the third quarter valued at approximately $27,000. Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Boot Barn during the third quarter worth approximately $17,145,000. ZWJ Investment Counsel Inc. purchased a new stake in shares of Boot Barn during the third quarter worth approximately $242,000. Fortitude Family Office LLC raised its stake in shares of Boot Barn by 2,076.5% during the third quarter. Fortitude Family Office LLC now owns 370 shares of the company's stock worth $45,000 after purchasing an additional 353 shares during the last quarter. Finally, GK Wealth Management LLC acquired a new stake in shares of Boot Barn during the third quarter worth $66,000.

Boot Barn Company Profile

Boot Barn Holdings, Inc is a specialty retailer focused on western and work-related apparel, footwear and accessories. The company sells products for men, women and children, including western boots, work boots, jeans, shirts, jackets, hats, belts, jewelry and other lifestyle merchandise. Its assortment includes national brands as well as exclusive and private-label offerings.

Boot Barn serves customers through a network of retail stores across the United States and through its e-commerce platforms.

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