Citigroup has quite an unusual trade to play the surge in oil prices: Boot Barn

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

The stock has been on a tear to start the year, gaining more than 73% in 2021 and 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 that the economic recovery, particularly in regions where energy is a major driver, will boost Boot Barn’s financial performance.