JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Key Points

• JPMorgan Chase & Co. raised its price target for Boot Barn stock from $207.00 to $247.00, indicating a potential upside of 41.93% from its previous close.
• Boot Barn announced a $200 million share repurchase program, reflecting confidence from its leadership that the company's shares are currently undervalued.
• The stock currently has a consensus rating of "Moderate Buy" with analysts projecting an earnings per share (EPS) of $5.82 for the current fiscal year.

Boot Barn (NYSE:BOOT - Get Free Report) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $207.00 to $247.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 41.93% from the stock's previous close.

Several other analysts also recently commented on the stock. KeyCorp boosted their target price on shares of Boot Barn from $180.00 to $195.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Stephens began coverage on shares of Boot Barn in a research note on Wednesday, April 9th. They set an "overweight" rating and a $100.00 target price for the company. Craig Hallum upgraded shares of Boot Barn from a "hold" rating to a "buy" rating and set a $130.00 target price for the company in a research note on Wednesday, April 23rd. Cowen reiterated a "buy" rating on shares of Boot Barn in a research note on Monday. Finally, Citigroup upped their target price on shares of Boot Barn from $137.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $179.15.

Boot Barn Stock Performance

Boot Barn stock opened at $174.03 on Monday. The firm has a market cap of $5.32 billion, a PE ratio of 29.70, a P/E/G ratio of 2.05 and a beta of 1.69. The firm's 50 day moving average price is $163.17 and its two-hundred day moving average price is $136.81. Boot Barn has a twelve month low of $86.17 and a twelve month high of $178.92.

Boot Barn (NYSE:BOOT - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.02). The company had revenue of $453.75 million during the quarter, compared to analyst estimates of $458.56 million. Boot Barn had a net margin of 9.47% and a return on equity of 16.98%. The firm's quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.96 EPS. Equities analysts anticipate that Boot Barn will post 5.82 EPS for the current fiscal year.

Boot Barn announced that its Board of Directors has approved a share repurchase program on Wednesday, May 14th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Boot Barn

In other Boot Barn news, insider Michael A. Love sold 4,154 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $155.34, for a total transaction of $645,282.36. Following the sale, the insider owned 2,112 shares of the company's stock, valued at $328,078.08. This represents a 66.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laurie Marie Grijalva sold 2,438 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $160.67, for a total transaction of $391,713.46. Following the completion of the transaction, the insider directly owned 14,593 shares in the company, valued at $2,344,657.31. This trade represents a 14.32% decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Boot Barn by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 3,409,865 shares of the company's stock valued at $517,686,000 after purchasing an additional 73,089 shares during the last quarter. FMR LLC raised its holdings in shares of Boot Barn by 47.3% in the fourth quarter. FMR LLC now owns 2,211,300 shares of the company's stock valued at $335,720,000 after purchasing an additional 709,903 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Boot Barn by 48.6% in the fourth quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company's stock valued at $328,091,000 after purchasing an additional 706,518 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Boot Barn by 32.6% in the fourth quarter. Capital Research Global Investors now owns 1,141,821 shares of the company's stock valued at $173,351,000 after purchasing an additional 280,892 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Boot Barn by 24.8% in the first quarter. Invesco Ltd. now owns 903,453 shares of the company's stock valued at $97,058,000 after purchasing an additional 179,710 shares during the last quarter.

Boot Barn Company Profile

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.

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