Bulletin
Investor Alert

New York Markets Open in:

Market Pulse Archives

June 11, 2020, 11:42 a.m. EDT

Smith & Wesson's stock price target more than doubled at Wedbush, citing 'unprecedented' demand for guns

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Smith & Wesson Brands Inc. (SWBI)
  • X
    S&P 500 Index (SPX)
  • X
    Sturm Ruger & Co. (RGR)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Smith & Wesson Brands Inc. /zigman2/quotes/202273249/composite SWBI +7.89% slipped 1.5% in morning trading Thursday, but outperformed the 3.4% selloff in the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.72% , after Wedbush analyst James Hardiman more than doubled his price target. The gun maker's stock has now declined 3.0% since closing Tuesday at the highest price since September 2017. Hardiman reiterated his neutral rating he's had on Smith & Wesson the past 15 months, but boosted his stock price target to $18.00, which is 9.9% above current levels, from $8.50. "Our dealer contacts have seen an unprecedented level of demand, driven initially by nationwide COVID lockdowns, then by stimulus checks and most recently by civil unrest," Hardiman wrote in a note to clients. He said recent checks suggest demand has increased in early June, as calls for defunding police forces has led consumer to buy guns for personal protection, including a "significant uptick" in first-time buyers. The stock has soared 57.1% over the past month, while the S&P 500 has gained 5.2%. Fellow gun maker Sturm Ruger & Co.'s stock /zigman2/quotes/200036418/composite RGR +3.97% has rallied 16.4% the past month, while shares of ammunition and outdoor sports product maker Vista Outdoor Inc. /zigman2/quotes/205852373/composite VSTO +6.36% have run up 45.3%.

/zigman2/quotes/202273249/composite
US : U.S.: Nasdaq
$ 25.78
+1.89 +7.89%
Volume: 4.16M
Aug. 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.33 billion
Rev. per Employee
$316,336
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,294.61
+23.49 +0.72%
Volume: 2.38B
Aug. 3, 2020 4:54p
loading...
/zigman2/quotes/200036418/composite
US : U.S.: NYSE
$ 84.60
+3.23 +3.97%
Volume: 403,319
Aug. 3, 2020 4:00p
P/E Ratio
31.85
Dividend Yield
1.25%
Market Cap
$1.42 billion
Rev. per Employee
$270,839
loading...
/zigman2/quotes/205852373/composite
US : U.S.: NYSE
$ 18.24
+1.09 +6.36%
Volume: 1.87M
Aug. 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$995.80 million
Rev. per Employee
$370,951
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.