BTIG has reaffirmed a Buy rating on Boot Barn Holdings Inc. (NYSE: BOOT) and kept its price target at $235.00 following the company's fiscal third-quarter performance and constructive guidance for the fourth quarter. The analyst consensus remains at 1.5 - classified as Strong Buy - with street price targets ranging from $195 to $282, indicating potential upside from the recent share price of $183.20.
Janine Stichter of BTIG said earlier concerns about an early-quarter slowdown "appear to have been overdone." Stichter acknowledged that weather-related disruptions created headwinds, but emphasized that the core business reaccelerated through the quarter, giving the firm confidence in Boot Barn's momentum as it exits fiscal 2026 and moves into fiscal 2027.
Supporting BTIG's view, InvestingPro data cited by the firm shows revenue growth of 17.8% over the trailing twelve months. The same data set notes that 13 analysts have recently lifted their earnings estimates for the upcoming period, signaling a broader reassessment of near-term profitability prospects.
BTIG highlighted several strategic initiatives under CEO John Hazen as reasons for optimism. The research note pointed to the company’s efforts to build marketing programs around exclusive brands, to expand e-commerce penetration, and to pursue sourcing initiatives that may yield medium-term margin benefits. Those programs, the firm said, are being pursued from a position of financial flexibility: Boot Barn reported a current ratio of 2.35 and carries moderate debt levels, metrics the analyst team views as supportive of continued investment behind growth priorities.
On valuation, BTIG acknowledged that Boot Barn is trading above its historical averages. Nonetheless, the firm framed the current multiples as reasonable given what it describes as a limited set of specialty retailers able to deliver mid-teens unit growth while maintaining positive same-store sales comparisons and strong margins. The company is trading at a price-to-earnings ratio of 26.6; a price/earnings-to-growth (PEG) ratio of 0.73 was cited as an indicator that the stock may be undervalued relative to its growth rate. At the same time, InvestingPro analysis referenced in the note indicates that the stock is trading above its Fair Value estimate.
BTIG reiterated the $235 price target and maintained its constructive outlook on Boot Barn’s growth strategy and operating performance. The firm noted that the stock has delivered a 27.2% total price return over the past year and has an "impressive" record over the past five years, according to its assessment.
The research update also pointed readers toward a proprietary Pro Research Report and additional ProTips available on InvestingPro for those seeking deeper analysis, noting that these resources include more extensive financial metrics and commentary.
Separately, Boot Barn reported third-quarter 2026 results that beat expectations on both the top and bottom lines. The company posted earnings per share of $2.79 versus a consensus forecast of $2.71. Revenue reached $705.6 million, slightly ahead of the anticipated $704.41 million. While analysts have taken note of the positive earnings beat, the update said there have been no recent rating upgrades or downgrades from major firms. Market participants and the financial community continue to monitor the company’s execution through the remainder of the fiscal year.
Further context
The note from BTIG centers its thesis on three pillars: momentum in same-store and unit trends after an early-quarter lull, strategic initiatives led by new management aimed at driving owned-brand and e-commerce growth, and a balance sheet that supports continued investment. These elements form the basis for maintaining a Buy stance at the stated $235 target.
Investors and market participants should weigh the company’s recent results and management actions alongside prevailing valuation metrics and the range of analyst targets when assessing position sizing and timing.