Truist analyst Michael Swartz upgraded Camping World to Buy from Hold with a price target of $35, up from $28. The post-earnings selloff, combined with “now de-risked” second half of 2023 estimates present a more compelling entry point for investors, the analyst tells investors in a research note. The firm sees the potential for greater upside, saying a cyclical earnings recovery should play out in 2024 and beyond. Camping World should benefit from a “much healthier mix” of new inventory, market share recovery and the strategic expansion of pre-owned and private label recreational vehicles, where there is less inherent pricing pressure, contends Truist.
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