Boot Barn, the Consumer Cyclical sector company, was revisited by a Wall Street analyst today. Analyst Christopher Nardone from Bank of America Securities reiterated a Buy rating on the stock and has a $230.00 price target.
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Christopher Nardone has given his Buy rating due to a combination of factors that highlight Boot Barn’s strong performance and growth potential. The company reported impressive second-quarter earnings, surpassing expectations with an EPS of $1.37, which was higher than the consensus estimates. This outperformance was driven by robust sales and improved gross margins, with sales increasing by 19% and comparable sales up by 8.4%. Management’s decision to raise the full-year EPS guidance further underscores their confidence in the company’s ongoing sales momentum.
Moreover, Boot Barn’s growth remains well-diversified across various categories and geographies, with notable strength in women’s and denim segments. The company’s strategic pricing decisions, particularly for its exclusive brands, are expected to contribute positively to future earnings. Additionally, management has expanded its long-term growth plans, increasing the target number of stores and the total addressable market, which bodes well for sustained expansion. These factors collectively support the Buy rating, with an increased price objective of $230, reflecting the company’s strong market position and growth trajectory.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $220.00 price target.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BOOT in relation to earlier this year.