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Since then, the stock's performance has been so-so, as it traded on either side of the offer price. With the quiet period now quietly out of the way, sell-side analysts are making noise concerning the company.
An Initiations' Sneak-Peek
- Baird: Outperform, $27 target price.
- Credit Suisse: Outperform, $28 target price.
- Goldman Sachs: Neutral, $24 target price.
- KeyBanc Capital Markets: Overweight, $28 target price.
Analysts' Investment Thesis
Baird Expects Camping World To Trade At Premium To RV OEMsWant Private Access to Benzinga Analyst?
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- Over time, Baird expects Camping World to trade at a premium to RV OEMs, just as auto dealers trade higher.
- Given the superior margins and a richer mix of recurring profits, the firm expects the company to trade at a premium to auto dealers.
- Baird sees it as a foremost consolidator.
- The firm said it sees Camping World as a story with above-average store growth, offering a high service recurring revenue model, strong management and low valuation, making it one of the most attractive stories in the consumer space.
- Goldman sees a favorable industry backdrop, allowing the company to add top line and EBITDA growth through M&A.
- However, the firm believes the company's multiple is likely to take a hit from a deceleration in industry shipment growth.
- That said, the firm expects the weakness to be countered by the company's highly variable cost business model.
- The firm sees opportunity to share price upside, given its view that there is little spread between Camping World and the RV manufacturers' valuation, relative to the auto and marine groups.
- Analyst Scott Hamann premised his Overweight rating on the strong growth outlook and conservative estimates.
- The company's leverage to a high margin/recurring revenue stream, according to the analyst, would give some relative cushion to business cyclicality.
At time of writing, shares of Camping World were down 0.40 percent at $22.27.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.