UBS Group Forecasts Strong Price Appreciation for Boot Barn (NYSE:BOOT) Stock

Boot Barn (NYSE:BOOT) had its target price increased by UBS Group from $156.00 to $210.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective would suggest a potential upside of 33.77% from the company’s current price.

A number of other analysts have also recently commented on BOOT. StockNews.com cut shares of Boot Barn from a “hold” rating to a “sell” rating in a research note on Monday, February 17th. Piper Sandler set a $162.00 target price on shares of Boot Barn in a research note on Friday, April 25th. JPMorgan Chase & Co. cut their target price on shares of Boot Barn from $209.00 to $196.00 and set an “overweight” rating for the company in a research note on Thursday. Craig Hallum raised shares of Boot Barn from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Wednesday, April 23rd. Finally, Bank of America boosted their target price on shares of Boot Barn from $160.00 to $173.00 and gave the stock a “buy” rating in a research note on Thursday. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $170.62.

Boot Barn Price Performance

Shares of Boot Barn stock opened at $156.99 on Thursday. The firm has a fifty day moving average price of $107.05 and a 200 day moving average price of $130.02. Boot Barn has a 1 year low of $86.17 and a 1 year high of $176.64. The stock has a market cap of $4.80 billion, a PE ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59.

Boot Barn (NYSE:BOOT) last released its quarterly earnings data 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). Boot Barn had a net margin of 9.36% and a return on equity of 17.11%. The firm had revenue of $453.75 million during the quarter, compared to analysts’ expectations of $458.56 million. As a group, equities analysts expect that Boot Barn will post 5.82 EPS for the current year.

Boot Barn declared that its board has authorized a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Boot Barn

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Boot Barn by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,409,865 shares of the company’s stock worth $517,686,000 after acquiring an additional 73,089 shares during the last quarter. FMR LLC lifted its holdings 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 during the last quarter. Wellington Management Group LLP lifted its holdings 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 during the last quarter. Capital Research Global Investors lifted its holdings in shares of Boot Barn by 32.6% in the 4th quarter. Capital Research Global Investors now owns 1,141,821 shares of the company’s stock worth $173,351,000 after acquiring an additional 280,892 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Boot Barn by 24.8% in the 1st quarter. Invesco Ltd. now owns 903,453 shares of the company’s stock worth $97,058,000 after acquiring an additional 179,710 shares during the last quarter.

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.