Jefferies Remains Bullish on Vista Outdoor (VSTO) as Shares Trade Down
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Jefferies reiterated a Buy rating and $54.00 price target on Vista Outdoor (NYSE: VSTO) following a recent trade down in company shares. VSTO shares are down 26% since Q1 results. Jefferies believes that the underperformance was more indicative of unusual unfavorable market conditions rather than a signal that sales would continue on a downward trajectory.
Analyst Greg Konrad, commented, "We believe that VSTO's recent share price underperformance is disconnected from the financial prospects of the business. Although Q1 results were disappointing, we expect Q2 to show a modest improvement with a more pronounced recovery in the second half of FY17. Our FY17 and FY18 EPS estimates are unchanged at $2.75 and $3.20, respectively."
Shares of Vista Outdoor closed at $37.90 yesterday.
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