Piper Jaffray Remains Bullish on Sportmans Warehouse (SPWH) Following Solid 2Q Report
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Piper Jaffray reiterated an Overweight rating and $14.00 price target on Sportsman's Warehouse (NASDAQ: SPWH) following the company's 2Q earnings report. SPWH posted EPS of $0.20 vs. consensus of $0.16 and guidance of $0.15-$0.17. The beat was driven by a stronger than expected comp of +2.9% vs. consensus of +0.2% which led to the largest revenue beat since coming public.
Analyst Peter Keith commented, "We are reiterating our Overweight rating and $14 price target following strong Q2 results. Q2 comp and EPS were above expectations as SPWH navigated a quarter marked by promotional activity by competitors. The company saw strong firearm sales as expected and there seems to be more new purchasers of firearms vs. the last surge. Additionally, the drag from energy impacted markets was roughly inline with Q1. We continue to believe SPWH is set up for a strong 2H 16 despite stepped up investment due to the following: (1) firearm sales should remain strong through the Presidential election; (2) the drag from both oil markets and competitive openings fades; and (3) the clothing and footwear categories appear to be getting back-on-track."
Shares of Sportsman's Warehouse closed at $10.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Deutsche Bank Starts Verisk Analytics (VRSK) at Hold
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!