Shares of Vista Outdoor Inc. rose as much as 2% Tuesday, after KeyBanc Capital Markets upgraded the stock to overweight and advised investors to look past what may be a messy fiscal second quarter.

The company VSTO, +2.00% , which makes outdoor sports products including sporting firearms and ammunition, is expected to benefit if Hillary Clinton is elected president, analysts wrote in a research note. Why? Because her win presumably would spark demand for ammunition.

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The analysts cited the current momentum in the ammunition channel, as well as the recent surge in purchases of handguns and modern sporting rifles, or MSRs, which is likely to continue in the near to medium term.

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“Moreover, while we are not attempting to make a call on the election, based on our channel conversations with distributors, we believe that if Hillary Clinton is elected, it would result in meaningful demand for .223/5.56mm and 9mm,” said the note.

Those are the most popular caliber rifles in the U.S. with a roughly 76% share of the overall market.

Analysts referenced a study by the National Shooting Sports Foundation that found more than 60% of accessories for MSRs are purchased within 12 months of the original rifle purchase.

“As such, given the recent surge in MSRs beginning in June, we believe that once wallet share shifts from MSRs, accessory/optics demand will improve,” said the note.

Recent National Instant Criminal Background Check System checks indicate strong demand for long guns, said the note. In June, checks rose by 38.7%, while July checks rose 35.4%. That’s likely due to the political rhetoric around regulation, a popular topic in the presidential campaign. Demand was also fueled by legislative actions in California regarding MSRs.

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“Further, based on recent manufacturer commentary as well as discussions with our contacts, the overwhelming majority of the long gun growth has been in MSRs,” said the note.

The NSSF study found the average amount spent on accessories is about $436 per MSR. The top- five items are rifle slings, soft carrying cases, mounted rifle scopes, hard carrying cases and backup iron sights—all accessories that Vista Outdoor makes.

“While the company experienced a moderation in declines during July, we believe a bulk of the improvement will occur this fall and beyond as hunters accessorize their rifles...,” said the note. “Roughly half of MSRs are used for hunting, further benefiting from easy hunting comps as warm weather adversely impacted the hunting season last year.”

Analysts are expecting the impact from the liquidations of Sports Authority and Sports Chalet to be tempered by the time the holiday season kicks off in earnest. There may be some effect on the second-quarter numbers as both companies offered a range of shooting accessories.

Outside of shooting, Vista has several segments that are currently growing at a faster pace, including stand-up paddleboards, equipment needed for triathlon competitors and kayaking and fishing.

The company’s recent acquisitions of BRG Sports, which specializes in football equipment, and Jimmy Styks, which makes stand-up paddleboards, have given it access to new markets that are growing in popularity, said KeyBanc. The company is also expected to benefit from new products in its CamelBak line, such as new crux/lumbar reservoirs, which allow for 20% more liquid flow per sip.

The company has also expanded into the stainless steel category of water bottles, with new CamelBak products expected later this year.

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