Boot Barn (NYSE:BOOT) Holdings Inc. (NYSE: BOOT) has received an optimistic update from BTIG, as the firm increased the price target on the company's stock to $165, up from the previous $150 target.
The firm sustained its Buy rating on the shares, indicating a positive outlook for the retailer.
The decision to raise the price target came after BTIG revised its earnings per share (EPS) estimate for Boot Barn's fiscal second quarter to $0.99, up from the earlier estimate of $0.86. The new estimate surpasses both the consensus of $0.87 and the company's own guidance range of $0.81 to $0.87.
The upward adjustment in the EPS forecast is attributed to improved margin assumptions, anticipating better flow through buying and occupancy (B&O) and selling, general, and administrative expenses (SG&A) due to a stronger top-line performance.
BTIG also slightly increased its top-line and margin projections for the remainder of the year, factoring in comparable sales growth of 3.4% in the fiscal third quarter and 2.2% in the fiscal fourth quarter. Despite these adjustments, the firm considers its estimates to be potentially conservative.
Further justifying the revised price target, BTIG has also increased its fiscal year 2025 EPS estimate for Boot Barn to $5.49, which is above the consensus of $5.26 and the company's guidance of $5.05 to $5.35.
In other recent news, Boot Barn Holdings reported positive same store sales (SSS) growth across all channels and geographies. The company experienced a 4.0% increase in consolidated SSS for the ten-week period into the second fiscal quarter.
Additionally, Boot Barn's shareholders approved several key proposals including the election of directors, executive compensation, and the ratification of the company's independent auditor for the upcoming fiscal year.
In analyst news, Piper Sandler raised the price target for Boot Barn shares, maintaining an Overweight rating, while UBS downgraded the stock from a Buy to a Neutral rating. Despite this, several firms including Craig-Hallum, Baird, and Williams Trading raised their price targets, citing strong trends and the company's ongoing expansion strategy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.