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Investing.com - KeyBanc raised its price target on Boot Barn (NYSE:BOOT) to $195 from $180 on Tuesday, while maintaining an Overweight rating on the western wear retailer. The new target sits well above the current analyst consensus range of $132-$210, according to InvestingPro data, with the stock currently trading near its 52-week high of $177.09.
The investment firm cited "intra-quarter clarity surrounding SSS trends" and noted that Boot Barn’s current outlook for the balance of the year appears "fairly conservative," suggesting potential upside if current trends remain stable.
KeyBanc adjusted its fiscal year 2026 estimates for Boot Barn, now projecting revenue of $2.15 billion and earnings per share of $6.28, up from previous estimates of $2.12 billion and $6.04, respectively.
The firm specifically mentioned that flat comparable sales for Boot Barn’s main business could prove conservative, prompting the analysts to raise some of their forecasts accordingly.
KeyBanc also noted that if comparable sales remain positive, Boot Barn could see "additional opportunity for SG&A leverage in the back half of the year," contributing to the higher price target.
In other recent news, Boot Barn has reported significant developments that are drawing attention from analysts. The company has shown strong momentum since its earnings report on May 14, with Citi analysts reiterating a Buy rating and maintaining a $180 price target, citing merchandise execution as a key driver. Boot Barn’s recent business update, filed in an 8-K, revealed a 10.1% increase in same-store sales for the first nine weeks of the quarter, with acceleration noted in late May. Piper Sandler also maintained an Overweight rating with a $184 price target after a recent investor presentation highlighted a 10.2% increase in comparable sales, growing to approximately 13% in the last three weeks.
BTIG analysts reaffirmed their Buy rating and $200 price target, noting the resilience of Boot Barn’s business model and improved execution. They increased their estimates for the fiscal first quarter but kept projections for the rest of the year unchanged. Piper Sandler’s recent meeting with Boot Barn executives provided insights into the company’s financial outlook, focusing on strategies for margin improvement through managing the Exclusive Brand portfolio. Overall, these recent developments have led to positive analyst sentiment, with multiple firms maintaining or reiterating high price targets for Boot Barn.
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