Smith & Wesson (SWHC) PT Lowered to $25 at Wedbush; Trump Impact Real But Likely Overstated
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Wedbush analyst James Hardiman adjusted estimates and lowered his price target on Neutral-rated Smith & Wesson Holding (NASDAQ: SWHC) to $25.00 (from $32.00), saying a Q2 beat is likely and while the Trump impact is real it is probably overstated.
commented, "SWHC shares are down 15% since the election (vs. +3% for S&P), and while our estimates are coming down slightly to reflect less regulationdriven buying, the impact is likely overstated. Nonetheless, the industry faces very difficult comparisons over the next couple months as we lap 2015’s late-year surge, and so while our earnings estimates are ahead of the Street, SWHC shares are unlikely to rebound until we get past the difficult industry headlines."
He added, "Commentary from our contacts matches what we have seen from the FBI background check data (NICS), in that they saw consistent low-double-digit to mid-teens growth from August through October (SWHC’s 2Q17). Adjusted NICS checks were up 12.6% in Q2, somewhat better than we were initially modeling, especially when accounting for the strength of handguns in the quarter."
The firm is raising 2Q EPS estimate by $0.02 to $0.61, ahead of the Street’s $0.55 and the guided range of $0.53-$0.57.
Shares of Smith & Wesson Holding closed at $24.14 yesterday.
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