On Monday, BTIG analysts maintained a Buy rating on Boot Barn (NYSE: NYSE:BOOT) shares. The adjustment comes after Boot Barn pre-announced its fiscal third-quarter results, which surpassed expectations.
The earnings per share (EPS) outperformance was attributed to gains across revenue and margins, with notable strength observed in various channels, geographies, and product categories.
The analysts highlighted a particularly strong finish to the quarter, with December emerging as the strongest month. This performance was partly helped by calendar shifts. Furthermore, there was a continuation of product margin expansion, which included a resurgence of private brand growth. Additionally, e-commerce and ladies' western wear, which had been areas of concern over the past year, are now showing robust and accelerating momentum.
The analysts reiterated their SMID Cap Top Pick designation for Boot Barn, citing increased estimates as the reason for the slight lift in the price target to $190. This endorsement reflects BTIG's positive outlook on the company's financial performance and growth trajectory.
BTIG's commentary included anticipation for further details that would be shared during Boot Barn's presentation at the ICR Conference scheduled for today at 10:30 AM. The firm also mentioned a planned meeting with Boot Barn's management on Tuesday, January 14, where more insights are expected.
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