BMO Capital downgraded LCI Industries to Underperform from Market Perform with a price target of $100, down from $105. Conversations with industry participants at the early season recreational vehicle shows made the analyst incrementally more negative about LCI’s prospects in 2024. Ongoing mix shift to lower price point units is a trend in 2024 that will likely be even greater than expected, the analyst tells investors in a research note. BMO is also concerned about RV makers increasingly dual-sourcing suppliers for favorable pricing and Forest River importing axles and likely chassis.
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