Cowen reiterated an Outperform rating and $20.00 price target on Smith & Wesson Holding (NASDAQ: SWHC) following the company's 1Q16 earnings results. Q1 EPS of 26¢ easily beat guidance of 13-15¢. Reported sales of $148MM beat guidance by $3-8MM. SWHC raised EPS guidance by 14¢ to $0.99-1.04.

Analyst Cai Rumohr commented, "Q1's impressive beat and raise suggests a clear turn in SWHC's underlying demand, consistent with firming NICS data in recent months. Selling for 6.4x FY16E EBITDA, SWHC has modest downside with increased potential to rerate upward now that momentum is positive."

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Shares of Smith & Wesson Holding closed at $16.22 yesterday.