Raymond James Cuts Camping World Price Target By 7% After Mixed Q4 Earnings
Raymond James Cuts Camping World Price Target By 7% After Mixed Q4 Earnings
雷蒙德·詹姆斯將露營世界價格目標削減 7% 後混合 Q4 盈利
- Raymond James analyst Joseph Altobello reiterated an Outperform rating on the shares of Camping World Holdings, Inc.(NYSE:CWH) and lowered the price target from $30 to $28.
- The analyst said the company reported mixed 4Q results Tuesday afternoon, as further margin compression and a jump in floor plan financing expense more than offset a largely as-expected top line.
- The lower adjusted EBITDA was due to a planned reduction in underperforming retail inventory totaling ~$46 million with compressed margins from heavy discounting and higher floor plan expense due primarily higher interest rates.
- The analyst noted that the margin declines were worse than expected.
- With 2023 expected to be a tough year for CWH in terms of profitability, the analyst believes it's prudent to value the company on 2024 forecasts.
- The rating on the shares reflects the analyst's view that the stock is already pricing in a fairly sharp demand slowdown and steep margin declines through 2023.
- The analyst continues to believe that by leveraging its scale and extensive customer database, along with an increasingly diversified revenue base, CWH remains uniquely positioned to continue to deliver healthy organic LT growth, augmented by fairly aggressive footprint expansion.
- Also Read: Camping World's Stock Skyrocketed During The Pandemic, But How's It Doing Now?
- Price Action: CWH shares are trading lower by 2.32% at $22.99 on the last check Thursday.
- 雷蒙詹姆斯 分析師約瑟夫 Altobello 重申對股票的「跑贏大市」評級 露營世界控股有限公司紐約證交所代碼：CWH），並將目標價格由 30 美元降至 28 美元。
- 該分析師表示，該公司週二下午報告了 4Q 混合業績，因為進一步的保證金壓縮和平面計劃融資費用的升幅超過了大致上抵消了大致如預期的頂線。
- 調整後 EBITDA 較低的原因是由於計劃減少表現不佳的零售庫存總額約 4,600 萬美元，並壓縮了大量折扣的毛利，以及較高的樓面平面圖費用，因為主要是利率較高。
- 該分析師指出，保證金跌幅低於預期。
- 在盈利能力方面，預計 2023 對 CWH 來說將是艱難的一年，分析師認為，根據 2024 年的預測評估公司是謹慎的做法。
- 股票的評級反映了分析師認為，該股票已經在相當大幅的需求放緩下進行定價，到 2023 年保證金下跌。
- 該分析師繼續認為，通過利用其規模和廣泛的客戶數據庫以及日益多樣化的收入基礎，CWH 仍然具有獨特的位置，可以繼續實現健康的有機 LT 增長，並通過相當積極的足跡擴展而增強。
- 另請閱讀: 在大流行期間，露營世界股票飆升，但現在情況如何？
- 價格行動: 上次檢查周四，CWH 股價下跌 2.32%，價格為 22.99 美元。
譯文內容由第三人軟體翻譯。
以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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