Stock Track | Boot Barn Stock Plummets 5.06% Despite Strong Q2 Earnings and Analyst Upgrades

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Boot Barn Holdings Inc (BOOT) saw its stock price plummet 5.06% in intraday trading on Thursday, despite reporting strong fiscal second quarter earnings and receiving several analyst price target upgrades. The western wear retailer's shares fell sharply, contrasting with the company's better-than-expected financial results and positive analyst sentiment.

Boot Barn reported fiscal Q2 earnings of $1.37 per diluted share, up from $0.95 a year earlier and surpassing analyst expectations of $1.28. Revenue for the quarter ended September 27 rose to $505.4 million, exceeding the $494.5 million forecast by analysts. The company also provided an optimistic outlook for the third quarter and full fiscal year 2026, projecting earnings and revenue above current market estimates.

Following the earnings release, multiple analysts raised their price targets for Boot Barn stock. UBS increased its target to $248 from $241, while BTIG and Piper Sandler raised their targets to $226 and $220, respectively. However, the positive analyst actions and strong financial performance were not enough to prevent the significant sell-off, suggesting that investors may be concerned about other factors affecting the company's future prospects or taking profits after recent gains.

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