Thor Industries downgraded to Neutral from Outperform at Baird

Baird downgraded Thor Industries (THO) to Neutral from Outperform with a price target of $85, down from $100. The firm reset its rating baseline, with Neutral as the default setting for its powersports coverage. Trade policy has “upended trading patterns,” and the right move “is to protect dry powder for our best shots when the fog clears,” the analyst tells investors in a research note. The firm says tariffs threaten to upend the powersports ecosystem, “rekindling retaliatory tariffs and an affordability crisis – potentially forcing uncomfortable structural change on survivors.” Baird moved to Neutral on a handful of stocks pending better visibility into the implications of “aggressive” trade policy.