Boot Barn downgraded to Hold from Buy at Williams Trading

Williams Trading analyst Sam Poser downgraded Boot Barn to Hold from Buy with a price target of $80, down from $87. The company’s fiscal 2024 “is proving to be a lackluster year,” and management does not have a line of sight as to when comparable sales will turn positive, and new store productivity is decelerating, the analyst tells investors in a research note. The firm says Boot Barn’s difficulty in retaining existing customers, and attracting new customers, especially women, has made it too difficult to maintain a Buy rating.