Sportsman’s Warehouse price target lowered to $4 from $4.50 at B. Riley

B. Riley lowered the firm’s price target on Sportsman’s Warehouse to $4 from $4.50 and keeps a Neutral rating on the shares. Sportsman’s Warehouse reported Q4 comps below expectations as the customer remains pressured and noted a promotional-driven customer during the quarter with relatively weak attachment to non-discounted items, as well as trade down to entry- and mid-level price points, the analyst tells investors in a research note. Looking ahead, the firm is encouraged by the market share opportunity in firearms/ammo amid competitive exits, as well as green shoots in the merchandising reset, but remains on the sidelines amid end market demand pressure.