Boot Barn price target lowered to $178 from $194 at Citi

Citi lowered the firm’s price target on Boot Barn (BOOT) to $178 from $194 and keeps a Buy rating on the shares. The company reported strong fiscal Q2 same-store-sales results relative to Street expectations but the earnings flow-through “did underwhelm market expectations” primarily due to higher incentive compensation and one-time legal expenses, the analyst tells investors in a research note. Citi believes Boot Barn “is back on solid SSS momentum” and the model is inching closer back to its 20% earnings algorithm.