Why Boot Barn Stock Surged to an All-Time High Today
Shares of Western apparel retail chain Boot Barn (NYSE: BOOT) surged to all-time highs on Tuesday morning after two prominent analysts raised their respective price targets for the stock. As of 9:45 a.m. ET, Boot Barn was up 13%.
Later on Tuesday, Boot Barn's management will make a presentation at the Piper Sandler Growth Frontiers Conference. But in relation to this upcoming presentation, on Monday, management gave investors an update about same-store sales trends. In short, Boot Barn's same-store sales slipped a little in July before rebounding in August, and growth is further accelerating in September.
Wall Street looked over those figures and two analysts were quick to raise their price targets for the stock. One was analyst Matthew Boss, who raised his price target by about 10% to $160 per share due to the trends in same-store sales, according to The Fly. This helped lift Boot Barn to an all-time high Tuesday morning.
Source Fool.com
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