aroax We think Smith & Wesson (NASDAQ:SWBI) is an undervalued company that could potentially be the target of M&A activity, amid the recent interest in one of its closest competitors: Vista Outdoor. The valuation attached to the company is currently low, as suggested by both public comparables and the multiples of recent takeovers in the industry. Last but not least, the demand for guns seems strong and could sustain SWBI's growth. We initiate the name with a buy rating and a target price of $18. An int ...