UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Sportsman's Warehouse Holdings on Mixed Factors

In a report published Friday, Credit Suisse analyst Seth Sigman reiterated an Outperform rating on Sportsman's Warehouse Holdings SPWH, but lowered the price target from $13.00 to $11.00. In the report, Credit Suisse noted, “We continue to view SPWH as an interesting investment story for 2015, based on the long-term growth opportunity, the recovery opportunity in the category, the numerous internal drivers, and cheap valuation. However, as we saw in Q3, that story still requires some patience, as the challenges of unfavorable weather and increased pricing pressure in the firearms category may keep Q4 comps under pressure, and will likely send this stock down initially tomorrow. We are revising our estimates for 2014 to $0.48 and 2015 slightly to $0.64. Our price target drops to $11, which equates to a slight premium multiple of 17x and based on the long-term EPS growth potential.” Sportsman's Warehouse Holdings closed on Thursday at $7.69.