Thor Industries down after Citi downgrades to 'neutral'

Shares of recreational vehicle maker Thor Industries THO.N down ~2% at $80.20

Brokerage Citi downgrades stock to "neutral", cuts PT to $86 from $94

Cites reduced confidence in recreational vehicle (RV) industry recovery amidst heightened macroeconomic concerns

THO is a story that increasingly feels lost for the remainder of FY25, but worth revisiting in FY26 if and when we have better line of sight on rate cuts, share stabilization and promotional intensity - brokerage

Says despite long-awaited help from the Fed, RV rates remained stubbornly high, and recent improvements appear to be associated with increasing levels of consumer angst

Notes co's margins have struggled to find a bottom as elevated promotions are required to move product

Co lowered its annual forecasts earlier this month, alongside reporting Q2 sales decline and a surprise loss

Average rating of 17 analysts is "hold"; with a median PT of $93 - data compiled by LSEG

Including session moves, THO has fallen 16.3% YTD