Jefferies Upgrades Boot Barn to Buy, Sets $195 Target After Valuation Drop
Jefferies upgraded footwear retailer Boot Barn to Buy with a $195 price target, noting its forward P/E fell from 24x to 16x and EV/EBITDA from 15x to 10x. Shares jumped nearly 9% after analysts cited 41% exclusive-brand sales, a 1,000bp margin and plans to grow stores from 500 to 1,200.
1. Upgrade Details
Jefferies raised Boot Barn’s rating to Buy from Hold and set a $195 price target, triggering an almost 9% share price gain on the upgrade announcement.
2. Valuation Reset
Analysts highlighted that Boot Barn’s forward price-to-earnings ratio has compressed from about 24x to 16x and its EV/EBITDA multiple has fallen from roughly 15x to 10x since July 2025.
3. Strong Fundamentals
Boot Barn derives approximately 41% of sales from exclusive brands carrying margins about 1,000 basis points above third-party products, and continues to open new stores to support consistent top-line growth.
4. Research Impact
The upgrade underscores Jefferies’ research capabilities, potentially enhancing its brokerage revenues and client engagement through high-profile retail coverage.