Boot Barn price target lowered to $94 from $99 at Piper Sandler

Piper Sandler lowered the firm’s price target on Boot Barn to $94 from $99 and keeps an Overweight rating on the shares following Q3 earnings. With Boot Barns’ shares trading at 14-times the firm’s reduced FTM EPS, it remains the only stock Piper is aware of trading below its sustainable unit growth rate. While same-store sales trends are a bit challenged, the firm believes this is more a function of the economic backdrop with inflationary pressures on Boot Barn’s core customer. Piper expects comparable sales trends to move toward positive territory over the next year, and expects corresponding valuation expansion.