Shares of Vista Outdoor Inc. /zigman2/quotes/205852373/composite VSTO +3.86% edged up 0.3% in morning trading Wednesday, erasing an earlier loss of was much as 6.1%, after B. Riley FBR analyst Eric Wold backed away from his bullish view on the ammunition and outdoor sports products maker, citing concerns over a potential downbeat outlook from management and likely volatility as the presidential election nears. Wold dropped his rating to neutral, after being at buy since February 2019, but kept his price target at $16. The stock had closed a near three-year high of $15.33 on Monday, which was more than double the closing price of $7.09 hit on May 7, when the company reported fiscal fourth-quarter results and provided a downbeat fiscal first-quarter outlook. The stock soared along with the shares of gun maker's Smith & Wesson Brands Inc. /zigman2/quotes/202273249/composite SWBI +0.17% and Sturm Ruger & Co. /zigman2/quotes/200036418/composite RGR +0.57% , amid increasing firearm background checks as the rise in polls of presidential hopeful Joe Biden over President Donald Trump sparked concerns over tighter gun regulations. "Although [Vista] is not expected to report 1Q21 results until before the open on Thursday, 8/6, we would not be surprised if the conservative guidance stance that management took heading into 1Q21 remains the norm given the continued uncertain retail environment along with the upcoming presidential election drivers," Wold wrote in a note to clients. The stock has about doubled (up 104%) year to date, after falling 80% over the past three years, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.30% has eased 2.1% this year.