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%.
What's happening with Boot Barn?
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 JPMorgan 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.
Does Boot Barn have staying power?
Boot Barn provided preliminary numbers for its fiscal 2025 second quarter. For perspective, in its fiscal first quarter, same-store sales were only up a little more than 1% year over year. But the preliminary Q2 numbers showed a 4% gain.
Some investors had feared that the chain was a bit of a fad, and would eventually lose relevance. Boot Barn continues to buck that narrative, as evidenced by the preliminary Q2 numbers, and it is opening many new locations around the country. Its latest figures provide a good reason for investors to give this growth stock a good look.
Should you invest $1,000 in Boot Barn right now?
Before you buy stock in Boot Barn, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Boot Barn wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $652,404!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. TheStock Advisorservice has more than quadrupled the return of S&P 500 since 2002*.
*Stock Advisor returns as of September 9, 2024
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Jon Quast has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends Boot Barn. The Motley Fool has a disclosure policy.
