Boot Barn business healthy, can support double-digit unit growth, says BTIG

BTIG keeps a Buy rating and $110 price target on Boot Barn, stating that the analysis of various data points – including debit card panel data, e-comm traffic and visitor data, promotional analysis, trends in interest in country music, and recent commentary from other companies with work/western exposure – suggest that the company’s business remains healthy and can support double-digit percent unit growth. BTIG continues to believe that sales and margin gains realized during COVID are stickier than the company is currently receiving credit for and views shares as undervalued.