Wedbush Remains Sidelined on Smith & Wesson (SWHC) Following 1Q Beat
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Wedbush reiterated a Neutral rating on Smith & Wesson Holding (NASDAQ: SWHC), and raised the price target to $32.00 (from $29.00), following the company's 1Q earnings report. SWHC reported non-GAAP EPS for 1Q17 of $0.62 compared to the Street’s estimate of $0.53 and the guided range of $0.49-$0.53.
Analyst James Hardiman commented, "Given continued robust industry growth, sizeable share gains, and channel fill opportunities going forward, SWHC is well positioned to match or even beat the significantly increased earnings outlook laid out on Thursday. As such we are again raising our price target, although we hesitate to support a more sizeable increase in fair value as it remains somewhat unclear how much of the beat and raise is sustainable and how much is a function of a more temporary surge in demand. Nonetheless, we think SWHC’s execution has been flawless in recent quarters, increasing the value of the company under any scenario."
Shares of Smith & Wesson Holding closed at $29.58 yesterday.
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