Boot Barn's stock is 'significantly undervalued,' but country music, rodeo and Taylor Swift could pave the way for bigger gains, analysts said on Monday.
Shares of cowboy-boot and Western-wear retailer Boot Barn Holdings Inc. are “significantly undervalued,” but country music, rodeo and “the Taylor Swift effect” could pave the way for bigger gains, analysts said on Monday.
“BOOT shares are well below peak levels, and we see ample opportunity ahead with Country music becoming increasingly prevalent and rodeo season in full swing,” those analysts, at Jefferies, said in a note on Monday. They added that Google searches for “cute boots” and “What to wear to Taylor Swift Concert” rose after Swift’s concert tickets went on sale last year. And they said that if 2% of Swift concert attendees spent an average of $110 at Boot Barn— the average size of a typical purchase there — the tour could bring in $10.6 million in extra sales in the first half of Boot Barn’s fiscal 2024, which begins in the early spring.
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