Boot Barn (NYSE:BOOT) Upgraded by Robert W. Baird to Outperform

Boot Barn (NYSE:BOOT) was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday, Briefing.com reports. The firm currently has a $167.00 price target on the stock. Robert W. Baird’s target price would suggest a potential upside of 29.08% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Benchmark reiterated a “buy” rating and issued a $192.00 target price on shares of Boot Barn in a research note on Tuesday. BTIG Research lifted their price objective on shares of Boot Barn from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday. Williams Trading restated a “buy” rating and issued a $173.00 target price on shares of Boot Barn in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on Boot Barn from $160.00 to $181.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Citigroup decreased their price objective on Boot Barn from $194.00 to $178.00 and set a “buy” rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Boot Barn presently has an average rating of “Moderate Buy” and an average price target of $164.55.

Boot Barn Stock Performance

Boot Barn stock opened at $129.38 on Wednesday. Boot Barn has a 1 year low of $66.73 and a 1 year high of $169.83. The firm’s 50-day moving average is $154.55 and its 200-day moving average is $132.38. The company has a market cap of $3.93 billion, a P/E ratio of 26.95 and a beta of 2.12.

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

Institutional Trading of Boot Barn

Hedge funds and other institutional investors have recently made changes to their positions in the business. Trust Point Inc. raised its holdings in Boot Barn by 0.8% during the 3rd quarter. Trust Point Inc. now owns 9,112 shares of the company’s stock worth $1,524,000 after buying an additional 71 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Boot Barn by 11.2% in the second quarter. First Horizon Advisors Inc. now owns 931 shares of the company’s stock worth $120,000 after buying an additional 94 shares during the period. Shaker Investments LLC OH grew its holdings in shares of Boot Barn by 1.6% during the second quarter. Shaker Investments LLC OH now owns 6,452 shares of the company’s stock valued at $832,000 after buying an additional 102 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Boot Barn by 9.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,461 shares of the company’s stock valued at $188,000 after buying an additional 126 shares during the period. Finally, Tilia Fiduciary Partners Inc. lifted its stake in Boot Barn by 1.4% in the 2nd quarter. Tilia Fiduciary Partners Inc. now owns 10,209 shares of the company’s stock worth $1,316,000 after acquiring an additional 136 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.