Tristan M. Thomas-Martin, an analyst from BMO Capital, maintained the Buy rating on Thor Industries (THO – Research Report). The associated price target remains the same with $105.00.
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Tristan M. Thomas-Martin has given his Buy rating due to a combination of factors including Thor Industries’ strong performance in FY3Q25, which exceeded expectations. Despite softer retail demand and macroeconomic uncertainties, the company demonstrated significant leverage in its business model, particularly when volumes increase. The quarter’s results were bolstered by strong performances in the fifth wheels and motorized segments, as well as contributions from Hymer, leading to better-than-expected gross margins.
Additionally, Thor Industries gained substantial market share, even as retail sales were down in North America and Europe. The company’s management maintained its FY2025 guidance, suggesting confidence in future performance. The reiteration of sales and earnings guidance, alongside potential benefits from market share normalization and consumer confidence improvements, supports the Buy rating. The RV industry’s favorable trends, such as an aging population and increased interest from millennials, also provide a positive outlook for Thor Industries.