Boot Barn initiated with a Buy at BTIG

BTIG analyst Janine Stichter initiated coverage of Boot Barn with a Buy rating and $110 price target. The company offers a level of sales and margin consistency that should be afforded a premium in the current market, but the stock trades at a discount to historical ranges and its peer group, the analyst tells investors in a research note. The firm adds that investors are concerned regarding the extent that Boot Barn might be over-earning, but it believes that the sales and margin gains realized during COVID are stickier than the stock is currently receiving credit for in the market.