Craig Hallum Issues Pessimistic Forecast for Boot Barn (NYSE:BOOT) Stock Price

Key Points

• Craig Hallum lowered Boot Barn’s price target to $224 from $235 but maintained a “buy” rating, implying 84.46% upside from the prior close.
• Analyst sentiment remains broadly positive: Boot Barn has an average “Buy” rating and a consensus price target of $215.58, despite other firms also reducing or adjusting their targets.
• The stock traded down to $121.44 and remains well below its 52-week high of $210.25, while the latest quarter exceeded expectations with $2.29 EPS and $593.51 million in revenue, up 17.7% year over year.

Boot Barn (NYSE:BOOT - Get Free Report) had its price objective decreased by Craig Hallum from $235.00 to $224.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Craig Hallum's price objective would suggest a potential upside of 84.46% from the company's previous close.

Other analysts have also issued reports about the company. Robert W. Baird cut their price objective on Boot Barn from $212.00 to $160.00 and set an "outperform" rating for the company in a report on Tuesday. BTIG Research restated a "buy" rating and issued a $215.00 target price on shares of Boot Barn in a research note on Tuesday, September 15th. UBS Group set a $225.00 target price on Boot Barn in a research report on Wednesday, June 17th. Zacks Research raised Boot Barn from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. Finally, Stephens lifted their price target on Boot Barn from $196.00 to $207.00 and gave the company an "overweight" rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Boot Barn has an average rating of "Buy" and an average price target of $215.58.

Boot Barn Price Performance

BOOT traded down $4.72 on Tuesday, reaching $121.44. 58,163 shares of the company traded hands, compared to its average volume of 699,378. The stock's 50 day moving average price is $149.71 and its 200-day moving average price is $156.51. Boot Barn has a 52-week low of $119.21 and a 52-week high of $210.25. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 0.79 and a beta of 1.70.

Boot Barn (NYSE:BOOT - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.69 by $0.60. The company had revenue of $593.51 million during the quarter, compared to the consensus estimate of $583.15 million. Boot Barn had a net margin of 10.35% and a return on equity of 18.78%. The company's revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.74 EPS. 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. As a group, equities research analysts forecast that Boot Barn will post 9.18 earnings per share for the current fiscal year.

Institutional Trading of Boot Barn

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its stake in Boot Barn by 361.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 48,448 shares of the company's stock valued at $7,091,000 after purchasing an additional 37,951 shares during the last quarter. Fifth Third Bancorp grew its position in Boot Barn by 15,768.5% in the 1st quarter. Fifth Third Bancorp now owns 34,276 shares of the company's stock worth $5,017,000 after purchasing an additional 34,060 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Boot Barn by 7.6% during the 2nd quarter. Wedge Capital Management L L P NC now owns 212,327 shares of the company's stock worth $34,879,000 after purchasing an additional 15,074 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Boot Barn by 335.5% during the 1st quarter. Hsbc Holdings PLC now owns 14,527 shares of the company's stock worth $2,132,000 after purchasing an additional 11,191 shares during the period. Finally, Janus Henderson Group PLC raised its position in shares of Boot Barn by 26.2% during the first quarter. Janus Henderson Group PLC now owns 211,066 shares of the company's stock valued at $30,894,000 after buying an additional 43,786 shares during the last quarter.

About Boot Barn

Boot Barn Holdings, Inc is a specialty retailer focused on Western and workwear products. The company sells a broad selection of footwear, clothing, accessories and related merchandise designed for customers interested in Western lifestyles, outdoor activities and occupational work.

Its product offerings include cowboy boots, work boots, jeans, shirts, jackets, hats, belts, jewelry and safety equipment. Boot Barn carries recognized third-party brands such as Ariat, Justin, Wrangler and Carhartt, along with private-label brands including Cody James, Shyanne, Hawx and Moonshine Spirit.

Founded in 1978 in Orange County, California, Boot Barn has expanded from a single store into a multichannel retailer operating physical stores and an e-commerce platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.