Jefferies analyst Corey Tarlowe indicated that Boot Barn's stock "has appreciated to levels that leave little room for NT upside, even though the business continues to perform well." Despite the downgrade, Jefferies expressed continued confidence in Boot Barn's fundamentals, specifically highlighting strong demand for the company's products and its unit growth opportunity. The firm concluded that the risk/reward profile for Boot Barn is "more balanced from here," suggesting limited potential for significant near-term share price appreciation at current valuation levels. In other recent news, Boot Barn has seen several positive developments. KeyBanc raised its price target for Boot Barn to $195, maintaining an Overweight rating, citing clarity in same-store sales trends and a conservative outlook from the company.