Winnebago poised to benefit from lean channel inventory levels, says BMO Capital

BMO Capital keeps an Outperform rating and $80 price target on Winnebago after its mixed Q1 results that saw a miss on earnings but a beat on revenue. The near term looks “undoubtedly choppy” given dealers’ hesitancy to hold inventory over the winter given high floor plan interest rates, the analyst tells investors in a research note. The firm adds however that Winnebago still looks poised to benefit from lean channel inventory levels and an ongoing mix shift towards more affordable RVs in 2024, spurred by its new product launches.