William Blair analyst Dylan Carden has maintained their bullish stance on BOOT stock, giving a Buy rating on May 1.
Dylan Carden has given his Buy rating due to a combination of factors that highlight Boot Barn’s strong leadership and promising growth trajectory. The appointment of John Hazen as the new CEO is a significant factor, as he brings a wealth of experience and a deep understanding of the company’s culture and operations, having served as the interim CEO and previously as the chief digital officer. Hazen’s passion for marketing and product development is expected to enhance the company’s strategic focus, particularly in areas that could drive further growth.
Additionally, Boot Barn’s expansion efforts have been notable, with the company opening stores at a much higher rate compared to five years ago, while maintaining impressive cash-on-cash returns. The company’s strong merchandising and improved customer engagement strategies are expected to sustain its momentum in a market with limited competition. Although there are concerns about tariffs affecting margins, Carden believes that Boot Barn’s tangible growth and superior margins justify a Buy rating, especially during periods of market volatility.