Thor Industries reinstated with a Neutral at BofA

BofA reinstated coverage of Thor Industries (THO) with a Neutral rating and $120 price target Thor is the the largest global manufacturer of recreational vehicles and the “dominant player” in the premium fifth wheel and motorized segments, but the firm believes that in the current environment where affordability and consumer confidence remains low, the market has shifted to value. Given this view, BofA says its Neutral rating reflects near term headwinds that are offset by strong brand positioning in “a longer term structurally attractive market.”