Williams upgrades Boot Barn on sales boost from Beyonce album

Williams Trading analyst Sam Poser last night upgraded Boot Barn to Buy from Hold with a price target of $113, up from $80. The firm says Cowboy Carter, Beyonce’s new album, provides the positive same-store-sales catalyst it needed to see. The album will help reinvigorate Boot Barn’s women’s business, the analyst tells investors in a research note. Williams believes the company’s Q1 and fiscal 2025 guidance are likely to exceed current consensus estimates. Channel checks indicate that fill-in orders from Boot Barn have recently begun to increase with key footwear vendors, beyond the product needs for new store openings, says the firm.