BMO Capital analyst Gerrick Johnson lowered his price target on Camping World to $36 but kept his Outperform rating after its Investor Day presentation. The analyst notes that his prior concerns with the Gander Mountain asset purchase have been realized when the company recently cut its EBITDA guidance, however he also sees its change in the retail strategy to be "accretive" next year with solid growth potential going into 2019. Specifically, the analyst is positive on Camping World's plans to use Gander Outdoors as a "back door" to bring its RV dealerships into underpenetrated areas without the capital investment that would be needed at acquired dealerships, adding that the multiple on the stock had previously been negatively impacted by the investors' confusion over the company's plans.