Stephens analyst Rick Nelson initiated coverage of Boot Barn with an Overweight rating and $46 price target. The company is the "dominant retailer" of western and work-related footwear, apparel and accessories, and has of only 3.8% share of a $20B total addressable market, Nelson tells investors in a research note. The analyst sees potential for Boot Barn to more than double its store base to 500-plus locations over time. He expects the store count to grow by 10% annually while generating same-store-sales in the mid-single digits. Boot Barn is poised for "significant growth," says Nelson.