UPDATE: Credit Suisse Reiterates On Big 5 Sporting Goods On Revised Estimates

In a report published Monday, Credit Suisse analyst Seth Sigman reiterated an Underperform rating on

, but lowered the price target from $14.00 to $11.00. In the report, Credit Suisse noted, “We are lowering our 2014 estimate slightly following BGFV's Q1 results and Q2 guidance last week. Off of the lower base, we lower our 2015 and 2016 estimates. Our target price goes to $11, which implies 10x our 2015 estimate. There is no change to our thesis, which balances the concerns over lapping strong firearm sales, increasing competition and incremental investments, with some merchandising improvements and longer-term operating margin expansion opportunities.” Big 5 Sporting Goods closed on Friday at $12.23.