UPDATE: Benchmark Initiates Coverage on Smith & Wesson

According to a research report published this morning, Benchmark has initiated Smith & Wesson

with a Buy rating and $9 PT. In the report, Benchmark said, "Our price target is based on an 8.5x FY13 EV/EBITDA multiple, which we believe is appropriate for an industry leader well positioned to expand its share of a double-digit growth market. Smith & Wesson is a premier manufacturer of pistols, revolvers, and rifles, generating 88% of sales from the US commercial market. With its unsuccessful acquisitions fully written down and its unprofitable businesses planned for divestiture, SWHC is primed to focus on its core-product strength and continue to expand its share of the fast-growing US commercial firearms market." Smith & Wesson closed yesterday at $6.81.