Boot Barn (NYSE:BOOT) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Boot Barn to “Strong Buy” from “Hold.” The broader analyst consensus remains “Buy,” with a consensus price target of $222.27.
• Boot Barn reported quarterly EPS of $2.29, exceeding the $1.69 consensus estimate, while revenue reached $593.51 million and increased 17.7% year over year.
• Shares opened at $163.81, giving the company a market capitalization of approximately $4.96 billion; several institutional investors, including Arrowstreet Capital and Comerica Bank, recently increased their holdings.

Boot Barn (NYSE:BOOT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Bank of America decreased their target price on Boot Barn from $224.00 to $206.00 and set a "buy" rating for the company in a research report on Friday, May 15th. TD Cowen cut their target price on shares of Boot Barn from $225.00 to $190.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Jefferies Financial Group raised shares of Boot Barn from a "hold" rating to a "buy" rating and set a $195.00 price objective on the stock in a research report on Monday, April 6th. Robert W. Baird set a $212.00 target price on Boot Barn in a research report on Thursday, July 30th. Finally, BTIG Research reduced their price target on Boot Barn from $235.00 to $215.00 and set a "buy" rating for the company in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Boot Barn currently has a consensus rating of "Buy" and a consensus price target of $222.27.

Boot Barn Price Performance

Shares of NYSE:BOOT opened at $163.81 on Monday. Boot Barn has a 12 month low of $133.18 and a 12 month high of $210.25. The firm has a market capitalization of $4.96 billion, a P/E ratio of 20.74, a P/E/G ratio of 1.02 and a beta of 1.71. The company's fifty day moving average price is $162.84 and its 200 day moving average price is $167.40.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Boot Barn's revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.74 earnings per share. 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. On average, sell-side analysts anticipate that Boot Barn will post 9.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BOOT. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Boot Barn by 361.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 48,448 shares of the company's stock worth $7,091,000 after purchasing an additional 37,951 shares during the last quarter. Principal Financial Group Inc. grew its position in Boot Barn by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 393,098 shares of the company's stock worth $69,370,000 after purchasing an additional 40,282 shares during the last quarter. UBS Group AG raised its holdings in shares of Boot Barn by 16.4% during the fourth quarter. UBS Group AG now owns 172,380 shares of the company's stock valued at $30,420,000 after buying an additional 24,229 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of Boot Barn during the fourth quarter worth approximately $2,644,000. Finally, Comerica Bank grew its holdings in Boot Barn by 71.5% in the 4th quarter. Comerica Bank now owns 34,439 shares of the company's stock worth $6,077,000 after buying an additional 14,354 shares in the last quarter.

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.

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