Boot Barn (BOOT) PT Lowered to $195 at BTIG

BTIG analyst Janine Stichter lowered the price target on Boot Barn (NYSE: BOOT) to $195.00 (from $215.00) while maintaining a Buy rating.

The analyst commented: "F'Q2 was mixed; despite sequential top-line improvement in Aug/Sept, Oct slowed to ~flat, contributing to a softer H2 top-line guide and a slightly reduced F'27 outlook. We see a confluence of factors contributing, with macro sensitivity impacting the men's boot category, while tough compares + some product execution missteps weigh on ladies boots. We believe management is executing well in the face of a choppy environment, moving swiftly to adjust assortments, keeping inventory/promotions controlled, investing behind new growth initiatives (e.g. B2B) and stepping up repo activity. New stores continue to exceed expectations. Our ests. move slightly lower on a softer top-line, offset by a lower share count. We also slightly adjust our multiple assumptions, reducing our PT to $195 from $215."

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