Bank of America Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT) had its price objective lifted by analysts at Bank of America from $160.00 to $173.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 10.20% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. StockNews.com downgraded Boot Barn from a “hold” rating to a “sell” rating in a research report on Monday, February 17th. Piper Sandler set a $162.00 price target on Boot Barn in a research report on Friday, April 25th. Craig Hallum raised Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Wednesday, April 23rd. KeyCorp lowered their price target on Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 29th. Finally, Robert W. Baird decreased their target price on Boot Barn from $133.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Boot Barn presently has an average rating of “Moderate Buy” and an average target price of $170.62.

Boot Barn Stock Performance

NYSE:BOOT opened at $156.99 on Thursday. The stock’s 50-day simple moving average is $107.05 and its 200 day simple moving average is $130.02. The company has a market cap of $4.80 billion, a P/E ratio of 28.03, a P/E/G ratio of 1.17 and a beta of 1.59. Boot Barn has a 52-week low of $86.17 and a 52-week high of $176.64.

Boot Barn (NYSE:BOOT) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.02). The business had revenue of $453.75 million for the quarter, compared to analyst estimates of $458.56 million. Boot Barn had a return on equity of 17.11% and a net margin of 9.36%. As a group, equities analysts predict that Boot Barn will post 5.82 earnings per share for the current fiscal year.

Boot Barn announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Boot Barn

Several institutional investors have recently made changes to their positions in BOOT. Signaturefd LLC boosted its stake in shares of Boot Barn by 201.8% in the fourth quarter. Signaturefd LLC now owns 166 shares of the company’s stock valued at $25,000 after buying an additional 111 shares during the period. Blue Trust Inc. boosted its stake in shares of Boot Barn by 1,430.0% in the fourth quarter. Blue Trust Inc. now owns 153 shares of the company’s stock valued at $26,000 after buying an additional 143 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Boot Barn in the first quarter valued at approximately $29,000. Golden State Wealth Management LLC boosted its stake in shares of Boot Barn by 263.6% in the first quarter. Golden State Wealth Management LLC now owns 280 shares of the company’s stock valued at $30,000 after buying an additional 203 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Boot Barn by 210.8% in the first quarter. Versant Capital Management Inc now owns 317 shares of the company’s stock valued at $34,000 after buying an additional 215 shares during the period.

Boot Barn Company Profile

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.