JPMorgan has raised its price target on Boot Barn (NYSE:BOOT) to 207 from 196, reaffirming its Overweight rating after a productive roadshow with company leadership. The firm believes in the retailer’s multi-year earnings potential.

The updated projections indicate fiscal 2026 earnings per share of 6.95, significantly above management’s guidance and industry consensus. This positive outlook stems from stronger same-store sales, margin improvements through proprietary brand growth, and effective pricing strategies to mitigate tariff impacts.

Ongoing trends in same-store sales are tracking significantly ahead of guidance, fostering confidence in Boot Barn’s potential for the second half of the fiscal year.

Additionally, the exclusive brands could catalyze a substantial gross profit increase, positioning the company favorably in the competitive landscape.