UPDATE: Imperial Capital Initiates Cabela's with Outperform, $45 PT

Imperial Capital initiates its coverage on Cabela's

with an Outperform rating and a price target of $45 on the company's competitive positioning and growth outlook. Imperial Capital says, "As an outdoor lifestyle leader, we believe Cabela's is well positioned for growth and market share gains with significant square footage growth opportunities, a $650mn and growing Cabela's branded business, a loyal customer base, a dominant multi-channel strategy, and a best-of-breed credit card business. With healthy sales momentum (particularly in firearms), improving merchandise margins, and the stock trading at a discount to peers, we see opportunity for further upside to the stock over the next twelve months." CAB closed at $38.43 a share on Wednesday.