Stephens analyst Rick Nelson noted that he had previewed a challenging Q4 for Camping World, though the results were even worse than he expected. Given that historical cycle downturns are "relatively short-lived" and the market is now 6 months into the current downturn, Nelson thinks the stock will recover before sales strengthen, he tells investors in a post-earnings research note. Noting that he remains constructive over the long-term, Nelson keeps an Overweight rating and $20 price target on Camping World shares, which are down 8% to $11.80 in pre-market trading.