Boot Barn (NYSE: BOOT) stock kicked off Friday's trading session with a bang, soaring over 5% in the pre-market hours. The surge came on the heels of the company's impressive third-quarter results, which reinforced analysts' bullish stance on the western-inspired apparel and footwear retailer.
For the quarter ended December 31, Boot Barn reported a 13.7% year-over-year increase in revenue to $425.8 million, meeting Wall Street's expectations. The company also delivered a robust beat on analysts' EBITDA estimates, though its earnings per share guidance for the next quarter fell short of forecasts.
Nonetheless, analysts at Piper Sandler reiterated their "Buy" rating on Boot Barn, setting a $179 price target on the stock. Analyst Peter Keith cited the company's strong third-quarter performance, particularly its ability to capitalize on the back-to-school season and the success of its athletic and athleisure offerings.
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