Smith & Wesson Brands downgraded to Hold from Buy at Craig-Hallum

Craig-Hallum downgraded Smith & Wesson Brands to Hold from Buy with a price target of $13, down from $18. The firearms market has entered a “digestion period” after years of increased buying patterns, says the firm, which remains long-term believers in the brand and expects continued returns to shareholders, but sees cooler industry-wide firearm demand and increased promotions leaving a “more challenging near-term financial profile.”