UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on Smith & Wesson

In a report published Friday, Wedbush Securities reiterated its Outperform rating on Smith & Wesson SWHC, and slightly raised its price target from $10.00 to $11.00. Wedbush noted, “Smith & Wesson reported Q1 revenue of $136 million and EPS of $0.28, well ahead of guidance as well as consensus forecasts of $129 million and $0.18, respectively. The company's order backlog more than doubled to $392 million from the year-ago level of $149 million, though was down modestly from the previous all-time high of $439 million in Q4:12. Management also increased FY13 guidance for revenue to $530-540 million from $485-505 million, and for EPS to $0.85-0.90 from $0.60-0.65. Q2 guidance for revenue of $130-135 million and EPS of $0.19-0.21 is similarly above current consensus estimates of $119 million and $0.13, respectively.” Smith & Wesson closed on Thursday at $9.00.