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Key Takeaways

• JPMorgan raised its price target on Boot Barn Holdings after meeting with executives of the company.

• The analysts lifted the price target of the Western footwear and clothing retailer by $12 to $200.

• Boot Barn Holdings shares were little changed Monday morning after jumping in premarket trading, but they have soared more than 110% in the last year.

JPMorgan boosted its price target on Boot Barn Holdings (BOOT) stock, pointing to strong holiday sales and positive comments from executives at the Western footwear and clothing retailer.

The bank increased its price target to $200 from $188, while maintaining an "overweight" rating on the stock.

The analysts wrote in a letter to clients that they made the decision after a tour with interim CEO John Hazen and other company executives, and Boot Barn's "above-Consensus Holiday preannouncement and EPS raise." On Friday, Boot Barn released preliminary results for the fiscal 2025 third quarter, which ended Dec. 28.

They noted that management credited higher comparable store sales to a doubling of the brand's total addressable market (TAM) by its efforts to " modernize marketing ... to reach more customers within the Just Country segment," as well as "broaden the merchandise assortment to include 'mainstream' country lifestyle products."

JPMorgan Also Raises Boot Barn EPS Estimates

Along with the price target, JPMorgan raised its estimate of fiscal 2025 third-quarter EPS to $2.43, fourth-quarter EPS to $1.28, and fiscal 2026 EPS to $6.84. All three were above analysts' estimates.

Boot Barn Holdings shares were little changed Monday morning after jumping in premarket trading, but they have soared more than 115% in the last year.

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