Boot Barn price target raised to $178 from $175 at Craig-Hallum

Craig-Hallum analyst Jeremy Hamblin raised the firm’s price target on Boot Barn (BOOT) to $178 from $175 and keeps a Hold rating on the shares. The firm notes Boot Barn delivered impressive Q3 results that saw same-store sales accelerate to high single digits, while delivering margin upside from 130 bps of merchandise margin expansion. Q4 sales guidance bracketed consensus with the midpoint of same-store sales slightly above consensus and the midpoint of EPS guidance slightly below consensus driven by a lower gross margin guide due to drag from higher buying and occupancy costs, Craig-Hallum.