UPDATE: Benchmark Company Reiterates Buy Rating, Raises PT on Smith & Wesson

In a report published Friday, Benchmark Company reiterated its Buy rating on Smith & Wesson SWHC, and raised its price target to $13.00. Benchmark noted, “We continue to believe that, while there is currently some ‘political buying' leading up to the election, commercial firearms are seeing long-term, secular growth from an increasing social acceptance of firearms for both personal defense and recreation/leisure—particularly with women and younger demographics. We believe SWHC will outpace this already strong growth by gaining share, particularly its polymer pistol market share with its M&P line. We increase our PT to $13, reflecting a 7.3x FY13 EV/EBITDA multiple and a 6.6x FY14 EV/EBITDA multiple.” Smith & Wesson closed on Thursday at $8.99.