Jefferies downgraded Boot Barn (BOOT) to Hold from Buy with a price target of $175, down from $187. The firm remains confident in the company’s fundamentals, citing the stock’s “elevated” valuation levels for the downgrade. Boot Barn shares have appreciated to levels that leave little room for near-term upside, even though the business continues to perform well, the analyst tells investors in a research note. Jefferies sees a more balanced risk/reward from here.
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Read More on BOOT:
- Boot Barn price target raised to $195 from $180 at KeyBanc
- Positive Outlook for Boot Barn: Buy Rating Backed by Strong Growth Strategy and Attractive Valuation
- Boot Barn’s Strong Q1 Performance and Strategic Initiatives Justify Buy Rating Despite High Valuation
- Boot Barn Releases Strategic Investor Presentation
- Boot Barn price target raised to $207 from $196 at JPMorgan