Boot Barn price target raised to $175 from $160 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Boot Barn (BOOT) to $175 from $160 and keeps a Hold rating on the shares. The firm notes Boot Barn delivered very strong preliminary Q3 results in advance of the ICR Conference that saw over 400 bps of upside on same-store sales, while also delivering solid profitability upside on earnings. Craig-Hallum continues to view Boot Barn as a premier retail growth story that deserves a premium multiple, but the stock has recovered almost all of the pullback that arose from the Q2 update in October.