Analyst Janine Stichter of BTIG reiterated a Buy rating on Boot Barn, retaining the price target of $226.00.
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Janine Stichter’s rating is based on a combination of factors that highlight Boot Barn’s strategic positioning and growth potential. The company’s management has maintained a conservative outlook, focusing on strategic initiatives rather than reacting to market fluctuations. This includes a strong emphasis on denim, which has been a significant contributor to comparable sales momentum, driven by deliberate product strategies and investment in the category.
Boot Barn is also effectively capturing market share from a broader competitive landscape, including mass channels and department stores, which have struggled or closed. This strategic positioning has allowed Boot Barn to increase its total addressable market significantly. Despite the stock’s valuation being above historical averages, Stichter views the multiples as reasonable, given the company’s ability to sustain mid-teens unit growth, positive comparable sales, and strong margins. These factors collectively support her Buy rating and the price target of $226.
Stichter covers the Consumer Cyclical sector, focusing on stocks such as Lululemon Athletica, Boot Barn, and Steven Madden. According to TipRanks, Stichter has an average return of 4.9% and a 41.67% success rate on recommended stocks.
In another report released on October 30, Craig-Hallum also reiterated a Buy rating on the stock with a $240.00 price target.