Boot Barn (NYSE:BOOT) Rating Increased to Strong-Buy at Zacks Research

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

Several other research firms have also recently weighed in on BOOT. Citigroup restated a “buy” rating on shares of Boot Barn in a research report on Monday, May 4th. Robert W. Baird set a $212.00 price objective on Boot Barn in a research report on Thursday, July 30th. Piper Sandler lowered their target price on Boot Barn from $230.00 to $226.00 and set an “overweight” rating for the company in a research note on Friday, May 15th. Weiss Ratings upgraded Boot Barn from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Finally, UBS Group set a $225.00 price target on Boot Barn in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Boot Barn presently has a consensus rating of “Buy” and an average price target of $222.27.

Boot Barn Stock Up 3.3%

Boot Barn stock opened at $163.81 on Monday. The stock has a 50-day simple moving average of $162.84 and a 200 day simple moving average of $167.40. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 20.74, a P/E/G ratio of 1.02 and a beta of 1.71. Boot Barn has a 12-month low of $133.18 and a 12-month high of $210.25.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.60. Boot Barn had a net margin of 10.35% and a return on equity of 18.78%. The firm had revenue of $593.51 million for the quarter, compared to analyst estimates of $583.15 million. During the same quarter in the prior year, the firm earned $1.74 EPS. The company’s revenue was up 17.7% on a year-over-year basis. Boot Barn has set its FY 2027 guidance at 8.800-9.230 EPS and its Q2 2027 guidance at 1.550-1.650 EPS. As a group, sell-side analysts anticipate that Boot Barn will post 9.18 EPS for the current year.

Hedge Funds Weigh In On Boot Barn

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BOOT. Royal Bank of Canada increased its stake in shares of Boot Barn by 50.3% in the 1st quarter. Royal Bank of Canada now owns 34,676 shares of the company’s stock valued at $3,725,000 after acquiring an additional 11,598 shares during the last quarter. AQR Capital Management LLC boosted its stake in Boot Barn by 198.0% during the 1st quarter. AQR Capital Management LLC now owns 8,906 shares of the company’s stock worth $957,000 after acquiring an additional 5,917 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Boot Barn by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,628 shares of the company’s stock valued at $1,894,000 after purchasing an additional 779 shares during the period. Goldman Sachs Group Inc. grew its holdings in Boot Barn by 23.6% during the first quarter. Goldman Sachs Group Inc. now owns 323,664 shares of the company’s stock valued at $34,771,000 after purchasing an additional 61,719 shares during the period. Finally, United Services Automobile Association bought a new stake in Boot Barn in the first quarter valued at approximately $209,000.

Boot Barn Company Profile

Boot Barn, Inc is a leading specialty retailer focused on western and work-related footwear, apparel and accessories. The company operates full-price and outlet retail stores under the Boot Barn and BootBarn.com brands, offering a wide assortment of cowboy boots, work boots, casual and fashion footwear, western and work apparel, hats, belts and related accessories. In addition to its brick-and-mortar network, Boot Barn maintains an e-commerce platform to serve customers seeking ranch-and-rodeo style clothing and rugged workwear from coast to coast.

Founded in 1978 in Southern California, Boot Barn began as a single store catering to ranchers, farmworkers and western enthusiasts.