Boot Barn (BOOT) PT Raised to $41 at Piper Jaffray

Piper Jaffray analyst Peter Keith reiterated an Overweight rating and boosted his price target on Boot Barn (NYSE: BOOT) to $41.00 (from $29.00) following the closing of the Sheplers acquisition.

Keith commented, "In connection with the closing we are introducing updated estimates which include the accretion from the Sheplers acquisition. We note that these are preliminary estimates and are based on limited metrics given in connection with the deal announcement and include limited guidance on the combined business on a go-forward basis. That being said, based on our analysis the acquisition looks to be modestly dilutive near-term but nicely accretive for CY16, perhaps even more so than the 10% accretion guidance provided by management. Last, in a separate note today we report on the financial strength of the hobby farmer customer and continue to believe the stability and health of this customer segment will be a tailwind for BOOT's business."

The firm adjusted FY 2016 EPS from $0.85 to $0.84 and FY 2017 EPS from $1.05 to $1.16.

For an analyst ratings summary and ratings history on Boot Barn click here. For more ratings news on Boot Barn click here.

Shares of Boot Barn closed at $32.17 yesterday.

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