This retailer stands to profit from ‘Taylor Swift effect,’ analyst says

Shares of cowboy-boot and Western-wear retailer Boot Barn Holdings Inc. are “significantly undervalued,” however nation music, rodeo and “the Taylor Swift effect” might pave the way in which for greater features, analysts stated on Monday.

“[Boot Barn] shares are well below peak levels, and we see ample opportunity ahead with Country music becoming increasingly prevalent and rodeo season in full swing,” analysts at Jefferies stated in a notice on Monday.

They additionally stated that Taylor Swift’s Eras tour might translate into extra gross sales for Boot Barn
BOOT,
+0.04%,
as concertgoers plan what to put on to the exhibits.

“With 2.4 million Taylor Swift tickets sold on Ticketmaster and Seat Geek, which averages out to [about 46,000] per venue, we believe this help will drive top-line for [Boot Barn],” the analysts stated.

They added that Google searches for “cute boots” and “what to wear to Taylor Swift concert” rose after Swift’s live performance tickets went on sale final 12 months. And they stated that if 2% of Swift live performance attendees spent a mean of $110 at Boot Barn — the quantity of a typical buy there — the tour might lead to $10.6 million in further gross sales within the first half of Boot Barn’s fiscal 2024, which begins in early spring.

The analysts additionally pointed to nation music’s reputation on the radio and on Apple Music
AAPL,
+0.77%,
they usually famous final 12 months’s huge concert-industry comeback following two years of pandemic-related restrictions.

Live Nation Entertainment Inc.
LYV,
-0.99%,
which owns Ticketmaster, was among the many major beneficiaries of the live performance {industry}’s rebound. But it has confronted better scrutiny by lawmakers over its dominant place in that {industry} and over Ticketmaster’s implosion when tickets for Swift’s Eras tour first went on sale. William Blair analyst Ryan Sundby has stated that Live Nation confronted considerations over whether or not 2022 represented “peak earnings power as a ‘reopening play.’”

Apparel retailers, in the meantime, are nonetheless navigating an atmosphere wherein demand for clothes has remained subdued. However, the Jefferies analysts stated they discovered “healthy store traffic and inventory levels” throughout visits to areas in Tennessee and Pennsylvania.

The Jefferies analysts have a purchase score on the inventory, with an $88 value goal. Shares have been down 1.7% on Monday.

Shares of Boot Barn are down 17.7% over the previous 12 months. By comparability, the S&P 500
SPX,
+0.37%
has fallen 10.3% over that interval.

Source web site: www.marketwatch.com

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