Boot Barn initiated with a Buy at B. Riley

B. Riley initiated coverage of Boot Barn with a Buy rating and $92 price target. With 370 stores in 44 states and $1.7B in revenue, Boot Barn is the largest player, with only 5% market share, in the “fragmented” $40B U.S. footwear, western, work, outdoor living apparel, and accessories market, the analyst tells investors in a research note. The firm says the Boot Barn story is a “throwback to the days of a proven category-killing concept consolidating a large, attractive, fragmented market with no existing national player.” The firm believes the company has a proven business model and opportunity for a decade of low-double-digit annual square-footage growth ahead.