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Investing.com - Piper Sandler raised its price target on Boot Barn (NYSE:BOOT) to $220.00 from $218.00 on Thursday, while maintaining an Overweight rating on the western wear retailer. The new target represents potential upside from the current price of $189.36, though InvestingPro data suggests the stock is trading above its Fair Value.
The firm cited Boot Barn’s strong fiscal second quarter results, which featured comparable store sales growth of 8.4%, significantly exceeding consensus expectations of 5.9%. October is off to an even stronger start with month-to-date comparable sales up 9.3%. This performance aligns with the company’s impressive 16.7% revenue growth over the last twelve months and 86.14% price return over the past six months, according to InvestingPro data.
Piper Sandler noted that Boot Barn is experiencing strong sales across all categories and geographic regions. The company has raised its full-year earnings per share growth outlook by 11% at the midpoint, though the research firm believes this guidance remains conservative. With a current P/E ratio of 30.27 and diluted EPS of $6.36, the $5.83 billion market cap retailer continues to demonstrate strong profitability metrics.
Boot Barn has increased its total addressable market estimate from $40 billion to $58 billion and raised its long-term store target to 1,200 locations, up from its previous goal of 900 stores.
Despite the positive outlook, Piper Sandler lowered its multiple assumption from 30x to 28x earnings, noting that Boot Barn’s guidance is now less conservative than before, while still projecting a long runway for 20%+ EPS growth.
In other recent news, Boot Barn Holdings Inc. reported impressive second-quarter earnings for fiscal year 2026, surpassing analysts’ expectations. The company achieved an earnings per share (EPS) of $1.37, exceeding the forecasted $1.27. Additionally, Boot Barn’s revenue outperformed projections, reaching $505.4 million compared to the anticipated $493.84 million. In response to these strong results, BTIG raised its price target for Boot Barn to $226 from $218 while maintaining a Buy rating. The firm highlighted Boot Barn’s robust second-quarter performance and ongoing momentum into the third quarter as reasons for the price target adjustment. These recent developments reflect positively on Boot Barn’s financial health and strategic direction.
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