Boot Barn price target raised to $110 from $88 at Benchmark

Benchmark raised the firm’s price target on Boot Barn to $110 from $88 and keeps a Buy rating on the shares. Though comp store sales declined 6% for Q4, earnings were above the firm’s estimates due to higher-than-expected sales and a “much better” margin structure than expected, the analyst tells investors. The firm continues to view Boot Barn as a “solid growth story in specialty retail” with a unique operating model based on a high 15%-unit growth rate and an exclusive brand component, the analyst added.