Shares of Boot Barn Holdings Inc (BOOT) surged 19% in pre-market trading on Thursday, following the company's robust fourth-quarter performance and announcement of a significant share repurchase program. The Western apparel retailer's stock price movement reflects investor enthusiasm over its financial results and forward-looking strategies.

Boot Barn reported impressive fiscal fourth-quarter earnings and revenue that surpassed year-ago figures. The company's board of directors authorized a $200 million stock buyback program, signaling confidence in the firm's financial health and future prospects. Additionally, Boot Barn provided an optimistic outlook for the first quarter of fiscal 2026, projecting sales between $483 million and $491 million, in line with Wall Street expectations of $486.5 million. The company also forecasted earnings per share for FY 2026 in the range of $5.50 to $6.40, compared to analysts' estimates of $6.19.

The market's positive reaction was further bolstered by analyst upgrades and raised price targets. UBS increased its price target for Boot Barn from $156 to $210, while BofA Global Research raised its price objective to $173 from $160. These adjustments reflect growing confidence in Boot Barn's business model and its ability to navigate potential challenges, including tariff headwinds on exclusive brands. Analysts noted that management's decision not to raise prices despite these headwinds could lead to "outsized market share gains." The company's strategic positioning and conservative guidance have signaled potential upside, despite short-term challenges in the retail sector.