Thor Industries downgraded to Neutral from Buy at Citi

Citi downgraded Thor Industries (THO) to Neutral from Buy with a price target of $86, down from $94. The firm cites interest rate and macroeconomic uncertainty for the downgrade. A “soft landing seems less likely with every passing day,” which puts a ceiling on the medium-term upside scenario for the shares, the analyst tells investors in a research note. Further, Citi says Thor’s margins have struggled to find a bottom, and it is evident that the company’s recent market share push is a “non-zero-sum tradeoff with an indefinite payoff to the bottom.”