Boot Barn (NYSE:BOOT) Raised to Strong-Buy at Baird R W

Baird R W upgraded shares of Boot Barn (NYSE:BOOT) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Craig Hallum lowered shares of Boot Barn from a “buy” rating to a “hold” rating and raised their price target for the company from $154.00 to $162.00 in a research report on Friday, October 25th. Piper Sandler reissued an “overweight” rating and set a $179.00 target price on shares of Boot Barn in a research report on Tuesday. Benchmark reaffirmed a “buy” rating and issued a $192.00 target price on shares of Boot Barn in a report on Tuesday. Citigroup dropped their price target on Boot Barn from $194.00 to $178.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, BTIG Research upped their price objective on Boot Barn from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Boot Barn presently has a consensus rating of “Moderate Buy” and a consensus target price of $164.55.

Boot Barn Stock Performance

BOOT stock opened at $127.12 on Wednesday. The company has a market capitalization of $3.86 billion, a P/E ratio of 26.48 and a beta of 2.12. Boot Barn has a 52-week low of $66.73 and a 52-week high of $169.83. The business has a 50-day simple moving average of $154.30 and a two-hundred day simple moving average of $132.35.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings results on Monday, October 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.02. Boot Barn had a return on equity of 16.44% and a net margin of 8.89%. The business had revenue of $425.80 million during the quarter, compared to the consensus estimate of $424.42 million. During the same quarter in the prior year, the company posted $0.91 earnings per share. Boot Barn’s revenue was up 13.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Boot Barn will post 5.29 earnings per share for the current fiscal year.

Institutional Trading of Boot Barn

A number of institutional investors have recently modified their holdings of the business. UniSuper Management Pty Ltd bought a new stake in Boot Barn during the 1st quarter valued at $695,000. Sei Investments Co. boosted its stake in Boot Barn by 52.5% in the 1st quarter. Sei Investments Co. now owns 73,884 shares of the company’s stock worth $7,030,000 after purchasing an additional 25,434 shares during the period. Capital Research Global Investors purchased a new position in Boot Barn during the 1st quarter valued at about $32,779,000. Jennison Associates LLC increased its position in shares of Boot Barn by 19.6% during the first quarter. Jennison Associates LLC now owns 530,882 shares of the company’s stock valued at $50,513,000 after buying an additional 86,969 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Boot Barn by 12.8% in the first quarter. Russell Investments Group Ltd. now owns 131,658 shares of the company’s stock worth $12,527,000 after buying an additional 14,980 shares in the last quarter.

About Boot Barn

Boot Barn Holdings, Inc, a lifestyle retail chain, operates specialty retail stores in the United States. The company's specialty retail stores offer western and work-related footwear, apparel, and accessories for men, women, and kids. It offers boots, shirts, jackets, hats, belts and belt buckles, handbags, western-style jewelry, rugged footwear, outerwear, overalls, denim, and flame-resistant and high-visibility clothing.