Craig-Hallum analyst Jeremy Hamblin initiated Boot Barn with a Buy rating and $46 price target, saying it is the "800 lb. gorilla" of the western and work-related apparel category. In a research note to investors, Hamblin says that with an already sizable lead in the category that he thinks can extend further, he believes the stock can drive outsized investor returns over the next decade for several reasons, including a "remarkable" record on sales results driven by strong fundamentals. The analyst says the western and work-wear categories have an estimated $20B TAM and the increasing popularity of country music along with population flows to the South and West have served as powerful tailwinds.