Boot Barn Holdings (NYSE:BOOT) was added to Baird’s Bearish Fresh Pick List, effective until early February. The analysts explained this decision by acknowledging Boot Barn’s long-term potential, particularly its impressive unit growth profile and solid performance amidst recent fluctuations in comparable sales (comps), including maintaining margins.

However, in the short term, the analysts see a less favorable tactical setup. This view is driven by potential risks to the company’s third and fourth fiscal quarter comparable sales estimates. The downside risk to the Fiscal Year 2024 consensus earnings per share (EPS) is estimated to be around 3-4%. The revised price target of $70 also reflects concerns about sentiment and valuation impacts. If a slower trajectory in comparable sales emerges, it could intensify investor debates about Boot Barn’s ability to sustain its multi-year productivity gains.

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