JPMorgan Chase & Co. Issues Pessimistic Forecast for Boot Barn (NYSE:BOOT) Stock Price

Boot Barn (NYSE:BOOT) had its price objective cut by research analysts at JPMorgan Chase & Co. from $209.00 to $196.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 24.85% from the company’s previous close.

BOOT has been the topic of a number of other reports. StockNews.com lowered Boot Barn from a “hold” rating to a “sell” rating in a research note on Monday, February 17th. Piper Sandler set a $162.00 price target on Boot Barn in a research note 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 note on Wednesday, April 23rd. Bank of America raised their price target on Boot Barn from $187.00 to $192.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Finally, Robert W. Baird decreased their price target on Boot Barn from $133.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.62.

Boot Barn Stock Up 1.3%

BOOT opened at $156.99 on Thursday. The firm has a market cap of $4.80 billion, a P/E ratio of 28.03, a PEG 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. The business’s fifty day simple moving average is $107.05 and its 200 day simple moving average is $130.02.

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

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

Institutional Investors Weigh In On Boot Barn

Several hedge funds have recently modified their holdings of BOOT. FMR LLC grew its position in shares of Boot Barn by 47.3% in the 4th quarter. FMR LLC now owns 2,211,300 shares of the company’s stock worth $335,720,000 after acquiring an additional 709,903 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Boot Barn by 48.6% in the 4th quarter. Wellington Management Group LLP now owns 2,161,052 shares of the company’s stock worth $328,091,000 after acquiring an additional 706,518 shares in the last quarter. Artemis Investment Management LLP grew its position in shares of Boot Barn by 206.5% in the 1st quarter. Artemis Investment Management LLP now owns 734,023 shares of the company’s stock worth $78,856,000 after acquiring an additional 494,523 shares in the last quarter. Nuveen LLC acquired a new position in shares of Boot Barn in the 1st quarter worth approximately $38,387,000. Finally, Stephens Investment Management Group LLC acquired a new position in shares of Boot Barn in the 4th quarter worth approximately $46,699,000.

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.