AMMO price target lowered to $1.60 from $2 at Roth MKM

Roth MKM lowered the firm’s price target on AMMO to $1.60 from $2 and keeps a Neutral rating on the shares. The company’s Q1 results were fine on sales, but a still-too-high cost structure continues to impact its core manufacturing profit, and one-time expenses are creating noise in the P&L, the analyst tells investors in a research note. AMMO management sounded upbeat about improvements in ammo manufacturing however, which should drive positive gross margins in the second half of the year, the firm added.