Stephens analyst Rick Nelson lowered his Q1 EBITDA estimate for Camping World (CWH) to $27M from $39M, both of which were below current consensus of $46M, citing RV private dealer checks, weak RV industry data, cautionary comments from Camping World and Winnebago (WGO) on recent conference calls and retailer comments that point to sales challenges. He lowered his FY19 adjusted EBITDA estimate to $320M from $326M, which he notes is at the bottom of the full-year guidance range of $320M-$340M. However, he keeps an Overweight rating on Camping World, citing its long-term consolidation opportunity, growing Good Sam operations and its Gander Outdoors optionality.