In a report released today, Tristan M. Thomas-Martin from BMO Capital maintained a Buy rating on Camping World Holdings, with a price target of $22.00.
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Tristan M. Thomas-Martin has given his Buy rating due to a combination of factors, despite a conservative initial forecast for 2026. Camping World Holdings’ third-quarter performance exceeded expectations, with adjusted EBITDA surpassing both BMO’s and the Street’s estimates. The company demonstrated strong same-store sales growth, particularly in used RVs, which significantly outperformed the industry average.
Management’s cautious outlook for new RV retail demand in 2026, due to macroeconomic challenges and price increases, was offset by potential upsides such as cost savings, M&A opportunities, and continued market share gains. Additionally, the long-term prospects for the outdoor lifestyle market and moderated OEM production levels are expected to benefit CWH’s margins. These factors contribute to the positive outlook and justify the Buy rating.
In another report released today, KeyBanc also reiterated a Buy rating on the stock with a $18.00 price target.