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RV buyers are trading up and this stock is set to benefit, Loop Capital says
Published Tue, Jan 13 2026
7:58 AM EST
Lisa Kailai Han
@lisakailaihan
WATCH LIVE
An improving sales mix and demand for higher-end RVs could drive better margins for Thor Industries , according to Loop Capital. The investment firm upgraded the recreational vehicle manufacturer to buy from hold. Analyst Brandon Rollé also raised his price target to $133 from $103, which signal a gain of 23% from Monday's close. Rollé's upgrade comes after he attended the Ohio RV Supershow this weekend and found that unit sales mixes have improved as customers have traded up to more expensive models. THO 1Y mountain THO 1Y chart "The post-COVID trade-up cycle has been elusive over the past few years, but our conversations with people at the show lead us to believe mix may begin to inflect positively for the industry as COVID buyers who may have entered the industry with an entry-level unit are now looking for products with more amenities and features," he wrote. Due to Thor's expanded fifth-wheel lineup, the analyst believes the company is in a strong position to take share in categories that will benefit from trade-up activity. And since consumer demand trends influence dealer orders, Rollé also believes that Thor may have a richer mix of shipments with better margins coming in the second half of the year or beyond. The analyst added that benefits from an improved mix are not currently reflected in Thor's sell-side estimates. However, he would not expect a huge earnings lift anytime this year since the company will likely be slow to ramp up production so it can carefully assess demand during the main retail selling season. "In our view, THO's FY27 earnings are more likely to reflect the benefits of the trade-up cycle as the company does not want to trigger another inventory rationalization period by ramping production too fast," Rollé wrote. Shares of Thor Industries have climbed nearly 14% over the past 12 months.
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