BOOT stock looks poised for the MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... to go positive on December 13, 2021, as the company is expected by analysts to have a great holiday shopping season.
Boot Barn assumed with a Buy at Jefferies
On November 30, 2021, Jefferies analyst Corey Tarlowe assumed coverage of Boot Barn with a Buy rating with a price target of $150, up from $120. The company has established a defensible market position in “a highly fragmented and niche western specialty retail industry” and he sees significant sales opportunity for Boot Barn, Tarlowe tells investors. He sees market share gains continuing in the near-term as Boot Barn remains advantaged versus smaller competitors, the analyst added.
Cowen lays out top retail picks into strongest holiday in 20 years
On November 18, 2021, Cowen analysts say the softlines retail sector is “primed for a robust holiday” with mid-November retail sales currently running four standard deviations above long-term trends. Valuations in the space are reasonable as earnings estimates remain in an upward trend and valuations are below early 2021 levels, the analysts tell investors in a research note. Their top picks for earnings revisions as “the holiday season share gainers” are Lululemon (LULU), Dick’s Sporting Goods (DKS), Macy’s (M), Target (TGT) and Boot Barn (BOOT). Athleisure and athletic footwear trends are robust, and the casualization trend in apparel and footwear is accelerating into fiscal 2022 with consensus estimates appearing conservative relative to guidance, the analysts argue. They say this holiday season could be the strongest in 20 years but that next year “faces unique unknowns” as ports delays and inventory levels normalize while supply chain inflation and labor costs rise.
Boot Barn price target raised to $150 from $123 at JPMorgan
On November 10, 2021, JPMorgan analyst Matthew Boss raised the firm’s price target on Boot Barn to $150 from $123 and keeps an Overweight rating on the shares after hosting meetings with management. The analyst sees market share gains and an expanding total addressable market for Boot Barn.
Boot Barn upgraded to Buy from Hold at Craig-Hallum
On October 28, 2021, Craig-Hallum analyst Jeremy Hamblin upgraded Boot Barn to Buy from Hold with a price target of $135, up from $91, after the company reported what he called “another exceptional quarter” that “blew away expectations” on sales and margins. He sees results that suggest Boot Barn has gained significant share in a secular growth category, the analyst added.
Boot Barn price target raised to $126 from $120 at Citi
Also on October 28, 2021, Citi analyst Steven Zaccone raised the firm’s price target on Boot Barn to $126 from $120 and keeps a Buy rating on the shares. The company delivered a “significant” fiscal Q2 earnings beat led by steady sales momentum and another quarter of robust margin expansion, Zaccone tells investors in a research note. The analyst believes Boot’s growth story “still has the opportunity to continue” into 2022.
Boot Barn Beats During Q2
On October 27, 2021, Boot Barn reported Q2 EPS of $1.25 versus the consensus estimate of 93c. The company reported Q2 revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... of $312.7M versus the consensus estimate of $290.95M.
Compared to the quarter ended September 28, 2019, same-store sales increased 53.6%, comprised of an increase in retail store same-store sales of 53.0% and an increase in e-commerce same-store sales of 57.1%.
The company said, “Our business continued to grow at an exceptional pace in the second quarter as our teams are doing an excellent job executing our strategic initiatives and capitalizing on heightened consumer demand to expand our market share. We are experiencing strong gains both in stores and online fueled by an increasing customer count, a compelling assortment and a fulfilling shopping experience. The consistency and duration of the outsized growth in sales seems to indicate that we have captured significant market share which should be sustainable. With our sales momentum continuing thus far in the third quarter and inventories in a solid position, we are optimistic about our prospects for the upcoming holiday season. Looking further ahead, we see a long runway for sustained growth and believe the Company is poised to deliver increased shareholder value for years to come.”
VIDEO Boot Barn CEO: Most of what we sell is workwear, used for a functional purpose
On October 29, 2021, Jim Conroy, Boot Barn president and CEO, joined ‘Power Lunch’ to talk about the company’s ‘terrific’ second quarter.
BOOT Stock Technical Analysis
The long and short-term trends are both positive. This is looking good! However, large player volume is plunging which is bearish. BOOT is one of the better-performing stocks in the Specialty Retail industry, it outperforms 92% of 112 stocks in the same industry. BOOT is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market. There is a support zone ranging from 123.54 to 125.28. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame. BOOT has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 125.28, a stop order could be placed below this zone. Click here to sign up for email alerts on when BOOT stock is a good sell.