UBS downgraded Boot Barn to Neutral from Buy with a price target of $125, down from $140, ahead of the fiscal Q1 report. The firm says its thesis of a same-store-sales growth inflection in fiscal 2024 has played out. The analyst expects a solid Q1 report for Boot Barn, but believes the market expects the same. UBS not has a more bearish macro view, which causes it to see higher downside case earnings risk versus and a balanced upside/downside skew for shares.
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