UPDATE: Benchmark Reiterates a Buy rating and $9 PT on Smith & Wesson

In a report published earlier, Benchmark reiterates Buy rating on Smith & Wesson

and a price target of $9. Benchmark notes, “Smith & Wesson is scheduled to report its Q4FY12 (April-end) on Thursday, June 28, after the close. The call is at 5PM EDT. In late May, SWHC pre-announced significantly better than expected revenue of $129 million, up 28% y/y, well above guidance of $113-118 million. The company also announced a preliminary fourth quarter backlog of $439 million, up 135% y/y; this backlog implies a 72% y/y increase in bookings in Q4FY12, with a book to bill of 2.9x, and represents 92% of our FY13 revenue estimate.” Smith & Wesson closed at $7.23 yesterday.