UPDATE: CRT Capital Upgrades Sturm, Ruger & Company As Industry Outlook Continues To Improve - Sturm Ruger & Co (NYSE:RGR)

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In a report published Thursday, CRT Capital analyst Brian Ruttenbur upgraded the rating on

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Sturm, Ruger & Company

(NYSE: RGR) from Fair Value to Buy, and raised the price target from $54.00 to $62.00.In the report, CRT Capital noted, "We have increased our price target on shares of RGR to $62 from $54. Our price target is based on a 2016 P/E multiple (raised from 17.5x to 19x) and a discounted cash flow analysis. Our 2016 EPS estimate is $3.04. We believe that the market will increase the multiple on firearms stocks in the near-term as the industry's outlook continues to improve. Shares of RGR are trading at 8.9x EV/estimated 2015 EBITDA. The Company's public peers are trading at an average of 8.1x. We are therefore upgrading shares of RGR to BUY from FAIR VALUE."Sturm, Ruger & Company closed on Wednesday at $54.64.