UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Thor Industries on Flat 2Q Margins

In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Thor Industries

, but lowered its price target from $55.00 to $50.00. BMO Capital Markets noted, “THO reported 2Q13 EPS of $0.37, which was $0.03 below our $0.40 expectation and $0.01 below Street consensus of $0.38. Prior to the company's 2/4/13 preliminary 2Q13 sales release, the Street consensus estimate was for EPS of $0.37. The company reported EPS of $0.25 in 2Q12. The market remains concerned about margin pressure emanating from a competitive RV market, and increasing channel inventories. However, we see a buying opportunity, as we think the company should be able to continue its pace of strong earnings growth despite near-term margin pressure. We view the RV market as healthy, with long-term growth opportunities from an ongoing replacement cycle, rising home prices, and favorable demographic trends.” Thor Industries closed on Friday at $37.73.