It is pretty hard hitting but only has 7 bullets. It really depends on the activity though.
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Can be upped to 11 as well, which is great.
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Any piece of armor with increased fusion rifle ammo, then you need a certain hunter/warlock exotic to max it but I forget which ones.
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It's a boss killer. Ricochet is too unpredictable to handle mobs effectively. It can shred groups of thrall if they line up though. Also, it's useless against phalanx shields. Fun fact.