Boot Barn upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Boot Barn (BOOT) to Overweight from Sector Weight with a $190 price target The firm cites the company’s “encouraging” fiscal Q3 preannouncement and recent track record of execution for the upgrade. Boot continues to see success across both instore and digital, with new stores tracking at roughly $3M and digital penetration to increase as a portion of the two moving forward, the analyst tells investors in a research note. KeyBanc sees upside in opportunities surrounding owned brands, store growth, digital, and further margin expansion, which it believes underpin the company’s growth potential over the coming quarters.