Analysts Not Driving Camping World High Enough After IPO Quiet Period

Retail

Published: November 1, 2016 10:40 am

Last Updated: January 13, 2020 1:40 am

Camping World Holdings Inc. (NYSE: CWH) has closed its initial public offering (IPO) and its quiet period has come to an end. This allows the analysts in the underwriting syndicate firms to initiate formal investment coverage for their clients.

Investors will want to know that Camping World’s IPO was for 11,363,636 shares of its Class A common stock. All shares were sold by the company, and the offering was at $22.00 per share.

24/7 Wall St. wanted to see how the analyst coverage looked coming out of that quiet period. Details on the IPO itself were given around the time it came public, and not much has changed on the surface since that date.

Goldman Sachs and JPMorgan were the joint lead book-running managers for this IPO. Merrill Lynch and Credit Suisse also acted as joint book-running managers, while Robert W. Baird, KeyBanc Capital Markets, Wells Fargo Securities and Stephens were listed as co-managers. There has been a very mixed bag of analyst initiations seen for this stock, and that is likely acting to cap post-quiet period enthusiasm.

We have so far seen three neutral ratings as follows:

Goldman Sachs started it as Neutral with a $24 price target.
JPMorgan started it as Neutral with a $25 target price.
Wells Fargo started it as Market Perform.

Below are the coverage calls with Buy, Outperform and Overweight ratings:

Merrill Lynch started it as Buy with a $25 price objective.
Robert W. Baird started it as Outperform with a $27 target price.
Credit Suisse started it as Outperform with a $28 target price.
Keybanc Capital Markets started it with an Overweight rating and $28 target price.

As a reminder, Camping World is the big retail effort geared toward RV and similar outdoor living that is backed by Marcus Lemonis. Camping World has multiple classes of stock, but we gave a full business summary around the time of its IPO.

At last look, Camping World shares were down just 0.8% at $22.17 on Tuesday. The post-IPO range has been $20.45 to $24.35.

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