UPDATE: Feltl and Company Downgrades Cabela's to Hold, Raises PT

In a report published Friday, Feltl and Company downgraded its rating on Cabela's

from Buy to Hold, but raised its price target from $48.00 to $50.00. Feltl and Company noted, “Same-store sales increased 3.9% compared to our 6.5% estimate. Retail revenue of $456.0mm was well below our $475.1mm estimate. We think firearms sold well during the quarter, but may have eaten into consumers' disposable income to spend on other products. Direct revenue declined 6.7% to $196.8mm compared to our $207.1mm estimate. We think the direct business will continue to decline as the company opens new stores. Overall we are disappointed in total merchandise sales that missed our estimates.” Cabela's closed on Thursday at $46.10.