Boot Barn (BOOT) PT Lowered to $194 at UBS

UBS analyst Jay Sole lowered the price target on Boot Barn (NYSE: BOOT) to $194.00 (from $232.00) while maintaining a Buy rating.

The analyst commented, "BOOT's stock price is down 39% YTD vs. the S&P 500's +13% move. We believe the main reason is BOOT's same store sales growth rate trend decelerating to 0-1% in Q2/Q3 MTD from +HSD-LDD% at the start of the year. We remain bullish on the stock because we expect BOOT's comp trend to improve. We view the issues causing the recent comp growth rate as either temporary or fixable and believe BOOT will make the necessary corrections. Importantly, we believe BOOT has the ability to triple its store count and this opportunity is the main factor justifying a much higher P/E. Our $194 price target, which is 71% above the current price, is based on BOOT's P/E rebounding to 18x from ~11.5x today."

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