Baird Downgrades Boot Barn (BOOT) to Neutral

(Updated - January 30, 2023 6:23 AM EST)

Baird analyst Jonathan Komp downgraded Boot Barn (NYSE: BOOT) from Outperform to Neutral with a price target of $86.00.

The analyst comments "With our 2023 group outlook we loweredF2023-2024E EPS and signaled willingness to make downgrades given our concerns about macroeconomic risks. BOOT’s FQ3 report last week highlighted continued solid execution, while disproving fears about "over-earning." Still, with the stock +38% year-to-date, we are tempering our bullish view of BOOT's long-term potential given our more cautious sector-wide outlook. Importantly, with higher valuation levels justified over time, BOOT would be among the first stocks we could consider upgrading if we gain confidence in the macro/earnings backdrop."

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 $86.18 yesterday.

You May Also Be Interested In

• Morgan Stanley cuts Charles Schwab (SCHW) on limited visibility, EPS risk
• Ero Copper Corp. (ERO:CN) (ERRPF) PT Raised to Cdn$25 at Raymond James
• Constellation Software (CSU:CN) (CNSWF) PT Raised to Cdn$2,800 at BMO Capital