Piper Jaffray Remains Bullish After Boot Barn Holdings' (BOOT) 3Q Results Match Pre-Announcement

Piper Jaffray reiterated an Overweight rating and $12.00 price target on Boot Barn (NYSE: BOOT) following the company's 3Q earnings report. Results came in-line with the pre-announcement 3 weeks ago. While very short term, comp trends have improved and turned slightly positive for the first 5 weeks of FQ4. Piper Jaffray believes that BOOT's shares at current levels represents an incredible value for investors taking a 2-3 year time horizon.

Analyst Peter Keith commented, "We are maintaining our OW rating and $12 price target on BOOT shares following FQ3 results that effectively came inline with the pre-announcement 3 weeks ago. While very short term, comp trends have improved and turned slightly positive for the first 5 weeks of FQ4 (vs. -2% for FQ3). Also, the debt leverage ratio finished at 3.3x (down from 3.9x for FQ2) due to substantial debt paydown during the largest FCF quarter of the year. Oil impacted states (30% of sales) remain a wildcard but will most likely pressure sales results for the foreseeable future. While the near-term is a bit unpredictable, and we would like to see more conservative comp guidance for FQ4, we believe BOOT shares at current levels represents incredible value for investors taking a 2-3 year time horizon. We reiterate our 12-month Overweight rating."

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 $5.53 yesterday.

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