Piper Sandler has adjusted its price target for Boot Barn (BOOT, Financial), reducing it to $162 from the previous $181, while maintaining an Overweight rating on the stock. This adjustment comes as Boot Barn's shares have fallen by 33% year-to-date, and concerns about tariffs have contributed to the perception that the stock is oversold.
Despite the stock's decline, Piper Sandler's analysis indicates that Boot Barn's sales trends continue to align with expectations. This assessment is based on several factors, including discussions with suppliers, insights from the firm's Q1 Farm & Ranch survey, and data from Placer regarding store traffic. The firm highlights that approximately 30% of Boot Barn's exclusive brand products are imported from China, impacting around 12% of the company's sales due to tariff exposure.
With Boot Barn's earnings report due in mid-May, Piper Sandler believes that the stock presents a strong risk/reward opportunity. The firm's outlook suggests that, despite current challenges, Boot Barn's market position remains stable.
