Boot Barn initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Boot Barn with a Sector Weight rating and no price target. Boot Barn is the largest and fastest-growing lifestyle retail chain with a focus on western and work footwear, apparel, and accessories in the United States, the analyst tells investors in a research note. The firm believes the company will continue to open new stores at the expected annual cadence, but says macro headwinds have been weighing on same-store-sales growth and are expected to remain negative in the medium term, pressuring results.