As reported earlier, BMO Capital analyst Gerrick Johnson upgraded Thor Industries to Outperform from Market Perform with a price target of $150, saying that after a 30% year-to-date decline in the stock price, the pullback is "overdone". The analyst notes that the valuation is now at 8.7-times expected FY19 earnings, which is a discount to the company's historical average of 12-times. Johnson also sees the RV industry as "fundamentally sound" as more baby boomers retire and tap into their 401Ks, while younger demographic is more attracted to the outdoor lifestyle. The analyst further notes that his conversations with dealers indicate a "strong" start to 2018 sales, with consumers benefiting from tax cuts and strong economy.