Jefferies analyst Corey Tarlowe maintains $Boot Barn Holdings (BOOT.US)$ with a buy rating, and maintains the target price at $170.
According to TipRanks data, the analyst has a success rate of 65.4% and a total average return of 16.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Boot Barn Holdings (BOOT.US)$'s main analysts recently are as follows:
Boot Barn's fiscal Q2 results surpassed expectations and the company has adjusted its future guidance upwards. According to the analyst, this positive outcome was driven by a notable increase in transactions. Furthermore, the recent CEO transition has been recognized as part of a well-planned succession process spanning several years.
Boot Barn's fiscal Q2 same-store-sales results were robust compared to market predictions, yet earnings did not meet market expectations, mainly because of increased incentive compensation and one-time legal costs. There is a belief that Boot Barn is regaining strong same-store-sales momentum, and its earnings model is progressively approaching its 20% growth framework.
The recent 20% decline in Boot Barn's stock price, seen after the announcement of CEO transition among other factors, is now considered to present a more attractive risk/reward scenario. Confidence remains in the company's potential for notable earnings growth, bolstered by significant opportunities for unit expansion. Observations indicate that the stock's valuation has fallen below the median of its peers. It's believed there is potential for considerable upside within the next year, with limited further downside, supporting a more optimistic outlook.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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