By Christiana Sciaudone
Investing.com -- Vista Outdoor (NYSE:VSTO) rose more than 3% after Cowen called it a top pick.
The firm sees “greater” earnings per share “resiliency," CNBC reported.
“The ammo surge has legs, Remington’s ramp offers upside to F22 Street ests, & VSTO’s improved credit profile & new operating philosophy allows product introductions & channel enhancements that should allow for greater EPS resiliency vs. prior cycles,” the firm said.
Vista Outdoor makes guns, among other outdoor sporting goods. According to the Federal Bureau of Investigation, statistics representing the number of firearms background checks initiated through the National Instant Criminal Background Check System have hit all time monthly highs this year. The number of checks hit an all time high of almost 4.7 million in March.
Shares have rallied more than 200% over the past 12 months alongside that demand for firearms. Profit at Vista Outdoor has jumped throughout the pandemic.