Smith & Wesson Brands, Inc. shares crashed on Friday after the company's Q2 earnings report missed analysts' estimates as panic hoarding guns by Americans eased.
Sales fell 7.3% in the quarter as gun demand subsided, prompting Cowen to downgrade the stock from "outperform" to "market perform". Cowen analyst Cai Von Rumohr slashed the price target to $22 from $38. The average price target is approximately $30.50.
Shares of Smith & Wesson are down more than 17% in premarket to about the $19 handle.