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

Boot Barn (NYSE:BOOT) had its price target lifted by research analysts at Citigroup from $137.00 to $180.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 14.66% from the stock’s current price.

A number of other analysts have also recently commented on BOOT. UBS Group upped their price target on shares of Boot Barn from $156.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday. KeyCorp dropped their price target on shares of Boot Barn from $190.00 to $165.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 29th. Robert W. Baird upped their price target on shares of Boot Barn from $140.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday. Stephens began coverage on shares of Boot Barn in a research note on Wednesday, April 9th. They set an “overweight” rating and a $100.00 price target on the stock. Finally, Craig Hallum upgraded shares of 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. One investment 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $170.62.

Boot Barn Trading Up 1.3%

BOOT opened at $156.99 on Friday. Boot Barn has a 1-year low of $86.17 and a 1-year high of $176.64. The company has a market cap of $4.80 billion, a P/E ratio of 28.03, a price-to-earnings-growth ratio of 1.17 and a beta of 1.59. The company has a fifty day moving average price of $107.05 and a two-hundred day moving average price of $130.04.

Boot Barn (NYSE:BOOT) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $1.22 earnings per share (EPS) 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 net margin of 9.36% and a return on equity of 17.11%. On average, research analysts forecast that Boot Barn will post 5.82 EPS for the current fiscal year.

Boot Barn declared that its Board of Directors has approved a share buyback program on Wednesday, May 14th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Boot Barn

Institutional investors have recently made changes to their positions in the stock. Stephens Investment Management Group LLC bought a new position in shares of Boot Barn in the 4th quarter worth $46,699,000. Alberta Investment Management Corp bought a new position in shares of Boot Barn in the 4th quarter worth $2,842,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Boot Barn by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 358,579 shares of the company’s stock valued at $54,439,000 after purchasing an additional 5,881 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Boot Barn in the 4th quarter valued at $42,440,000. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Boot Barn by 134.5% in the 4th quarter. TimesSquare Capital Management LLC now owns 289,641 shares of the company’s stock valued at $43,973,000 after purchasing an additional 166,121 shares in 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.