TD Cowen analyst Max Rakhlenko maintained a Buy rating on Boot Barn today and set a price target of $195.00.
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Max Rakhlenko has given his Buy rating due to a combination of factors, including Boot Barn’s strong performance expectations and strategic positioning. The company is anticipated to deliver robust first-quarter results, with potential upside in the second quarter as momentum continues. Despite a more conservative outlook for the latter half of the year, Boot Barn is considered one of the top small to mid-cap ideas due to its scale and growth profile.
Rakhlenko has raised estimates for the first quarter earnings per share and comparable sales, reflecting confidence in the company’s ability to outperform market expectations. The valuation is seen as attractive, with a price target increase to $195, based on a favorable earnings multiple. Boot Barn’s strong growth algorithm, driven by unit and comparable sales growth, margin expansion, and share repurchases, positions it well against a fragmented peer set, further justifying the Buy rating.
In another report released on July 22, KeyBanc also maintained a Buy rating on the stock with a $195.00 price target.