Citi cuts RV sector estimates as industry faces ongoing weakness
Citi lowered its financial estimates for Camping World Holdings, Thor Industries, and Winnebago Industries due to weak RV industry demand through 2026. The firm reduced Camping World's 2026 EBITDA estimate to $230M, and cut 2027 and 2028 estimates by $25M and $32M, respectively. Thor and Winnebago's 2026 Q4 EPS estimates were adjusted, with both 2027 EBITDA estimates brought to flat year-over-year. July retail sales were down 20%, and wholesale shipments declined 12%.
How this was made
The 30-second read
Why it matters
Analyst estimate revisions can trigger short-term price moves and influence sector sentiment.
Market read
The revisions highlight softness in the RV market, affecting related equities.
What to watch
Potential government stimulus for travel could mitigate weak demand.
Background
Citi's research note revises forecasts for major RV manufacturers amid ongoing demand weakness.
Ticker impact
Citi cut Camping World Holdings' FY2026 EBITDA estimate by $8M to $230M, the low end of guidance.
Potential short-term downside as investors reassess earnings outlook.
EBITDA reduction signals weaker demand; analysts' forecasts often move price.
Citi lowered Thor Industries' Q4 2026 EPS estimate by $0.01 and kept FY2027 EBITDA flat.
Modest decline expected pending market reaction.
EPS tweak reflects soft demand; investors may adjust valuations.
Citi raised Winnebago Industries' Q4 2026 EPS estimate by $0.03 and trimmed FY2027 EBITDA to flat YoY.
Potential small rally if market views upgrade favorably.
Positive EPS tweak signals relative strength versus peers.
Market effects
RV sector outlook weakened, may affect related suppliers and dealers.
U.S. consumer discretionary segment faces pressure.
Limited to North American RV market.
Counterpoint
If demand rebound occurs faster than expected, the cuts may be premature.
Key entities
- Analyst FirmCiti Research
Provider of the revised estimates.
