Boot Barn upgraded to Outperform from Neutral at Baird

Baird upgraded Boot Barn (BOOT) to Outperform from Neutral with an unchanged price target of $167. The firm sees a “more compelling risk/reward” following Tuesday’s 20% selloff, which it partially attributes to the surprise of a CEO transition and other lesser pushbacks which it does not view as issues. Baird remains confident in Boot Barn’s ability to deliver “attractive” relative earnings growth supported by compelling unit expansion opportunity, the analyst tells investors in a research note. The firm notes the stock’s valuation is back below the peer median, and it sees a 12 month bull-case approaching 50% upside with 10%-15% further downside, justifying an upgrade.