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SWHC

Changed to AOBC

, RGR

Sturm, Ruger

10:23
04/04/16
04/04
10:23
04/04/16
10:23

Smith & Wesson rating cut following background check decline

The shares of gun maker Smith & Wesson (SWHC) are tumbling after the FBI reported that the number of U.S. firearm background checks it conducted fell significantly in March compared with February. WHAT'S NEW: The number of adjusted background checks carried out by the FBI last month fell 13.2% for handguns and 8% for long guns, respectively, from February levels, according to Cowen analyst Cai von Rumohr. The decline was the largest in ten years, the analyst noted. The data could indicate that year-over-year background check comparisons will get tougher after March, von Rumohr believes. The number of handgun background checks conducted by the FBI between November and January grew at an annual rate of 43%, and that increase may have been driven by fears of terrorist attacks following the tragedies in Paris and San Bernadino, von Rumohr wrote. Consequently, he believes that declining handgun sales going forward could increase the risks facing Smith & Wesson. However, von Rumohr still expects the company's fourth quarter results to beat expectations, and he predicts that, in a base case scenario, its organic growth in fiscal 2016 will come in at 23%. The analyst raised his price target on the shares to $29 from $27. WHAT'S NOTABLE: Two other research firms - BB&T and CL King- downgraded Smith & Wesson today. BB&T downgraded the gun maker to Hold from Buy, while CL King cut the shares to Neutral from Buy. PRICE ACTION: In early trading, Smith & Wesson tumbled 14.6% to $23.70. Another firearms maker, Sturm, Ruger & Company (RGR), retreated 7.8% to $66 per share.

SWHC

Changed to AOBC

RGR

Sturm, Ruger

SWHC Changed to AOBC

04/04/16
COWN
04/04/16
DOWNGRADE
COWN
Market Perform
Smith & Wesson downgraded to Market Perform from Outperform at Cowen
Cowen analyst Cai von Rumohr downgraded Smith & Wesson to Market Perform citing slowing March NICS data and share performance year-to-date. The analyst said sequential declines of 13.2% and 8.0% for handguns and long guns, respectively, were the weakest of the past decade and well below ten year averages for hand guns -2.6% and long guns +3.6%.
04/04/16
04/04/16
DOWNGRADE

Hold
Smith & Wesson downgraded to Hold from Buy at BB&T
04/04/16
KING
04/04/16
DOWNGRADE
KING
Neutral
Smith & Wesson downgraded to Neutral from Buy at CL King
04/04/16
04/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. J.M. Smucker (SJM) downgraded to Sell at Goldman by analyst Jason English, who believes Smucker's faces a negative estimate revision cycle due to fundamental challenges in its core and recently acquired businesses. English said coffee costs have turned and expects SJM's favorable cost spread to turn negative in 2017 and recent distribution gains in both coffee and pet will begin to be lapped. 2. Allegheny Technologies (ATI) downgraded to Underperform at Cowen due to the firm's belief that the company's long-term outlook is encumbered by likely negative near-term free cash flow and earnings. 3. Consolidated Communications (CNSL) downgraded to Underperform at DA Davidson citing valuation. 4. Smith & Wesson (SWHC) downgraded to Hold, Market Perform and Neutral at BB&T, Cowen, and CL King. Cowen analyst Cai von Rumohr cited slowing March NICS data and share performance year-to-date. The analyst said sequential declines of 13.2% and 8.0% for handguns and long guns, respectively, were the weakest of the past decade and well below ten year averages for hand guns and long guns. 5. Rolls-Royce (RYCEY) downgraded to Underperform from Neutral at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
RGR Sturm, Ruger

04/23/15
DOTC
04/23/15
UPGRADE
DOTC
Buy
Sturm, Ruger upgraded to Buy from Neutral at Dougherty
07/24/15
07/24/15
INITIATION
Target $64

Buy
Sturm, Ruger initiated with a Buy at BB&T
Target $64.

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