CNBC Pro

Citigroup has a quite unusual play for the surge in oil prices — Boot Barn

Jim Conroy, CEO of Boot Barn
Adam Jeffery | CNBC

Boot Barn is a red-hot reopening stock, with further upside thanks to the rise in oil prices, according to Citi.

The stock has been on this year, gaining more than 73%, including 16% over the past three months.

Even with that performance, Citi analyst Steven Zaccone upgraded the seller of Western wear to buy from neutral, saying the economic recovery, particularly in regions where energy is a major driver, will boost Boot Barn's financial performance.

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