Citigroup, a global investment bank, has reduced its price target for Boot Barn (NYSE:BOOT) from $103.00 to $93.00. This announcement, made on May 13, 2023, came as a surprise to investors in the western wear retailer as they had hoped for a positive outlook. The Fly reports that Citigroup’s new price objective indicates a potential upside of 30.33% from the current value of BOOT stock.
In response to this news, several hedge funds and institutional investors have modified their holdings of BOOT. Vanguard Group Inc., which owns 2,708,545 shares of the company’s stock worth $158,342,000, increased its stake by 1.2% in the third quarter of last year by adding an additional 31,166 shares. Marshall Wace LLP raised its stake by 27.9% in the fourth quarter of 2022 by purchasing 245,524 additional shares worth $70,297,000. Similarly, Dimensional Fund Advisors LP also added to its holding by increasing its stake by 6.4%, buying an additional 63,802 shares worth $65,957,000 in the same period.
Furthermore, State Street Corp updated its holdings in Boot Barn by raising their stake by 4% during Q2 of last year when it purchased an additional 38,436 shares valued at $69,216,000.
Lastly but not leastly Ranger Investment Management L.P., another significant investor in Boot Barn boosted their holdings with a purchase of approximately over two hundred thousand shares valued at almost forty-six million dollars during early Q1.
As we are seeing through these changes in investor behavior towards BOOT stocks since Citigroup downgraded from ‘Hold’ rating with risks tilted to current company’s earnings due upcoming tariffs and potential challenges faced with competitors,, there seems significantly less expected growth than previously anticipated for our future updates and reviews. Nonetheless, the overall investment community is keeping a close eye on the company’s performance and making sure to adjust their holdings accordingly.
Boot Barn Holdings, Inc.: Reliable Performance and Mixed Reviews from Analysts in the Retail Industry
As of May 13, 2023, Boot Barn Holdings, Inc. continues to draw the attention of various analysts with its reliable performance in the retail industry. The leading provider of western and work-related footwear, apparel, and accessories has received multiple comments from financial institutions outlining their ratings on the company’s stock.
One of the most notable endorsements came from BTIG Research as they gave Boot Barn a “buy” rating and a price objective of $110.00 per share on February 6th, 2023. Other companies have taken a different approach towards the western clothing retailer with TheStreet upgrading their rating to “b-” from “c+” while StockNews.com issued a sell rating on March 20th and March 16th respectively.
Despite mixed reviews from people outside the company, Boot Barn has been noted for its consistent stock market performance. On Friday, May 12th, BOOT stocks opened at $71.36 per share which is relatively stable when compared to the brand’s fifty-two week range between $50.20 low and $96.54 high.
The company’s history shows its dedication to quality as it carries notable brands such as Ariat, Wrangler, Lucchese Boots, Idyllwind, and Cinch alongside their own products such as boots, jeans, hats and accessories.
Overall sentiment regarding Boot Barn has shifted towards approval with an average rating of “Moderate Buy” based on data by Bloomberg along with an average target price set at $92.80.
At present time Boot Barn is valued at $2.13 billion USD with a price-to-earning ratio standing at 12.83 coupled with strong indications alluding to continued growth potential in the future thanks to solid fundamentals which continue to support growth in sales across stores that stand dedicated to carrying authentic workwear staples for those who value function combined with style like no other brand can offer today – They have found loyal customers for years and we can anticipate that appreciation with anticipated expansion in the long run.
Boot Barn’s impact on the retail industry has been impactful, offering western fashionistas and workers the best selections of authentic clothing and footwear. With continued strategic measures, this company is set to make even bigger strides towards conquering the hearts of Americans across landscapes today and tomorrow alike.