Stephens Upgrades Boot Barn Holdings, Inc. (BOOT) to Overweight from Equal Weight and Raises its Price Target to $237

Core Viewpoint - Stephens upgraded Boot Barn Holdings, Inc. (BOOT) to Overweight from Equal Weight and raised its price target to $237 from $196, citing a clearly defined earnings growth model and confident management [1] Group 1: Analyst Upgrades and Price Targets - BofA analyst Christopher Nardone increased his price target for Boot Barn to $240 from $235 while maintaining a Buy rating, noting strong third-quarter results and a positive sales outlook [2] - The upgrade by Stephens is seen as a tactical call related to potential spring consumer trade and tax refund beneficiaries, as well as a long-term investment perspective [1] Group 2: Financial Performance - Boot Barn reported third-quarter revenue of $705.643 million, slightly above the consensus estimate of $704.84 million, with a year-over-year sales increase of 16% [3] - The company guided fiscal 2026 revenue to between $2.24 billion and $2.25 billion, aligning with the consensus of $2.24 billion [3] - Merchandise margin expanded by 110 basis points, contributing to a diluted EPS of $2.79 [3] Group 3: Company Overview - Boot Barn operates specialty retail stores in the U.S. and internationally, focusing on western and work-related footwear, apparel, and accessories for men, women, and kids [4]