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Shares of major gun makers were down as much as 2 percent Tuesday on a report industry sales are likely to cool off next year.

In a research note Tuesday, Wunderlich Securities analyst Rommel Dionisio predicted industry sales are “likely to slow, following unusually high growth in 2016.”

In late-morning trading, Smith & Wesson shares slipped more than 2 percent and Sturm Ruger was off about 1.6 percent. But by early afternoon, the stocks recovered some of the lost ground.

“This past year, the firearms market experienced unusual demand spikes following certain terrorist incidents,” said Dionisio. “Thus, not only does the industry face difficult [year-over-year] comparisons, beginning in December, but also may have seen pull forward of consumer demand from 2017 into 2016.”

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