Sportsman’s Warehouse upgraded to Buy from Neutral at B. Riley

B. Riley upgraded Sportsman’s Warehouse (SPWH) to Buy from Neutral with a price target of $4, up from $2. The company’s quarter showed meaningful sequential improvement in comps and gross margin increasing, and Sportsman’s is “dipping their toes back in unit expansion,” the analyst tells investors in a research note. The firm is encouraged by the strategic refinement catalyzed by the new CEO and key hires and says the quarter “gives us the green light we need to more confidently step into this early-innings turnaround story.”