Williams Trading Upgrades Boot Barn (BOOT) to Buy, Says Checks Indicate Increase in Footwear Vendors

Williams Trading analyst Sam Poser upgraded Boot Barn (NYSE: BOOT) from Hold to Buy, PT $113.00.

The analyst comments "Proprietary checks indicate that fill-in orders from Boot Barn have recently begun to increase with key footwear vendors, beyond the product needs for new store openings. We have little doubt that there is a correlation between the increased attention on country western due to attention driven Cowboy Carter. We expect that the new attention should also begin to reinvigorate Boot Barn's women's footwear and apparel businesses. At the same time, it's important to note that Boot Barn manages 2 types of businesses within its four walls: 1) Work related footwear and apparel for men and women, which drives the large majority of sales; and 2) Western lifestyle footwear and apparel, which drives the majority of the women's business. The aforementioned work related and western lifestyle fashion businesses must be managed differently. The work business has little fashion risk, and primarily sells core product, requiring little need for markdowns. BOOT merchants must more effectively plan product flow and obsolescence of lifestyle fashion products, in order to better highlight newness, in order to better attract, convert and retain female consumers. Further, and as important, Boot Barn must better personalize its digital marketing, and better measure its effectiveness. After driving triple digit SSS growth in women's footwear and apparel in FY22, Boot Barn did not retain many of those new customers. Today, Boot Barn gets a second chance."

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 $98.76 yesterday.

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