Camping World downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Camping World (CWH) to Neutral from Overweight with a price target of $24, down from $25. The firm sees another round of estimate cuts impacting the company’s second half of 2024 outlook. JPMorgan sees a lack of visibility as to the timing and degree of a recovery in “depressed” new and used recreationally vehicle prices pressuring near-term estimates. It also cites Camping World’s high financial leverage and relative share price resilience in the context of materially negative estimate revisions for the downgrade.