Boot Barn price target raised to $120 from $95 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Boot Barn to $120 from $95 and keeps a Buy rating on the shares. The firm notes Boot Barn delivered encouraging Q4 results that saw top and bottom-line beats as comps improved in February and March. The improvement has continued to start FY25 with quarter-to-date same-store sales flat and up the first two weeks of May. FY25 guidance came up short of raised expectations and Craig-Hallum believes buyside whispers were above consensus. That said, the firm thinks the quarter represents a major step forward in the story with all categories seeing better comp trends.