B. Riley raised the firm’s price target on Sportsman’s Warehouse (SPWH) to $4 from $3 and keeps a Buy rating on the shares post the Q1 report. The company delivered a key milestone of the turnaround a quarter earlier than expected as comps inflected to up 2%, breaking a 14-quarter string of declines, the analyst tells investors in a research note. The firm is further encouraged by positive momentum into Q2, with May also posting a positive comp. Riley sees the maintained guidance as a prudent choice considering it is only the first quarter, management is still rebuilding guidance credibility, and expectations are still relatively low.
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