UPDATE: KeyBanc Capital Markets Downgrades Sturm Ruger & Company to Underweight on Valuation

KeyBanc Capital Markets Reduced its rating on Sturm Ruger & Company

from Hold to Underweight with a new price targett of $40 a share. KeyBanc Capital Markets noted, "For RGR, which was an early mover in several key product categories in recent years, we believe the magnitude of future market share gains could moderate and with many operational improvements already made, we view the Company as much closer to what we would deem to be peak earnings and the current valuation is elevated… and would likely be at risk in the wake of a deceleration." Sturm Ruger & Company closed at $48.08 on Tuesday.