Citi analyst James Hardiman downgraded Winnebago to Neutral from Buy with a price target of $30, down from $46. The firm's recent recreational vehicle dealer checks indicate a "persistently challenged" retail environment with no meaningful near-term recovery expected. Citi believes the macro uncertainty and higher gas prices are adding to a challenged backdrop for the industry. It downgrades Winnebago on expectations that recreational vehicle retail demand will "continue to bounce along the bottom."
