BofA initiates Boot Barn with 'buy' on potential market
06/01/2023 19:12
** BofA initiates coverage of footwear maker Boot Barn
Holdings Inc BOOT.N with "buy"; sets $85 PT
** Says it has confidence in co's long-term store growth
potential, with a domestic store target range of 900
** Adds that co is a leader in western, work and country
lifestyle footwear and apparel market
** "With greater scale, Boot Barn is able to offer better
pricing, better selection, more exclusive brands, and better
customer service," says BofA
** Says BOOT has benefited from the pandemic, with an
increased migration to rural areas, and intention to move
further in segment as unemployment for customers in the segment
still remains low
** Twelve of 13 brokerages rate the stock "buy" or higher
and 1 "hold"; median PT is $90 - Refinitiv IBES
** YTD, stock is up ~9%
(Reporting by Anirban Chakroborti in Bengaluru)
((Anirban.Chakroborti@thomsonreuters.com;))