Boot Barn downgraded to Neutral at Baird following outperformance

As previously reported, Baird analyst Jonathan Komp downgraded Boot Barn to Neutral from Outperform with an $86 price target. While stating that the company’s fiscal Q3 report last week highlighted continued solid execution, the firm is tempering its bullish view with the stock up 38% year-to-date. They have a more cautious sector-wide outlook, but call out Boot Barn as "among the first stocks we could consider upgrading if we gain confidence in the macro/earnings backdrop."