UBS upgrades ‘underappreciated’ Boot Barn to Buy

As previously reported, UBS analyst Jay Sole upgraded Boot Barn (BOOT) to Buy from Neutral with a price target of $210, up from $155. As the “dominant retailer in two niche and underserved categories,” namely westernwear and workwear, the firm believes Boot Barn is an “underappreciated growth story,” the analyst tells investors. The firm sees potential for Boot Barn to add 265 stores over the next five years to drive a 17% EPS compound annual growth rate from FY24-FY29, the analyst added.