Here's Why This Analyst Remains Bullish On Boot Barn

Benchmark analyst John Lawrence reiterated a Buy rating on Boot Barn Holdings Inc BOOT with a price target of $90.00.
The company reported a preliminary Q3 FY23 sales increase of 5.9%.
The analyst said the sales were slightly ahead of the forecast, while higher freight expense caused EPS to be $1.74, below the $1.81 estimate.
The analyst said that sales were solid, going against a tough comparison from last year, and new stores continue to perform well.
Sales exceeded management's plan despite late December storms, cited the analyst. The merchandise margin declined by approximately 190 basis points.
Related: Boot Barn Registers 5.9% Preliminary Sales Growth In Q3
Management indicated they could maintain a full-price selling environment during the period, and new stores continued to outperform expectations, the analyst cited.
The analyst believes this is an opportune time to review BOOT as comp comparisons get easier from here, and new units are growing at a double-digit growth rate.
The analyst specifies this is a positive print as investors were nervous about the tough sales comparison. The analyst remains bullish on the company.
Price Action: BOOT shares are trading higher by 7.95% at $66.92 on the last check Monday.
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