Here's Why This Analyst Remains Bullish On Boot Barn

Shivani Kumaresan
1 min read
0
In this article:

  • Benchmark analyst John Lawrence reiterated a Buy rating on Boot Barn Holdings Inc (NYSE: BOOT) with a price target of $90.00.

  • The company reported a preliminary Q3 FY23 sales increase of 5.9%.

  • The analyst said the sales were slightly ahead of the forecast, while higher freight expense caused EPS to be $1.74, below the $1.81 estimate.

  • The analyst said that sales were solid, going against a tough comparison from last year, and new stores continue to perform well.

  • Sales exceeded management's plan despite late December storms, cited the analyst. The merchandise margin declined by approximately 190 basis points.

  • Related: Boot Barn Registers 5.9% Preliminary Sales Growth In Q3

  • Management indicated they could maintain a full-price selling environment during the period, and new stores continued to outperform expectations, the analyst cited.

  • The analyst believes this is an opportune time to review BOOT as comp comparisons get easier from here, and new units are growing at a double-digit growth rate.

  • The analyst specifies this is a positive print as investors were nervous about the tough sales comparison. The analyst remains bullish on the company.

  • Price Action: BOOT shares are trading higher by 7.95% at $66.92 on the last check Monday.

  • Photo Via Company

Latest Ratings for BOOT

Date

Firm

Action

From

To

Jan 2022

Seaport Global

Initiates Coverage On

Neutral

Dec 2021

Benchmark

Initiates Coverage On

Buy

Dec 2021

Stephens & Co.

Maintains

Overweight

View More Analyst Ratings for BOOT

View the Latest Analyst Ratings

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories