Benchmark shares RV & Marine stocks outlook for 2025

Benchmark analyst Michael Albanese shared with clients Monday a report on RV & Marine names heading into 2025.

He wrote, "With U.S. election uncertainty behind us and a pro-growth, de-regulation agenda ahead, rising consumer confidence could drive big-ticket discretionary spending, which would be an attractive set-up for the RV & Marine names. Wholesale production and retail sell-through volumes in the RV and Marine industries are reaching decade lows despite a market that has grown significantly over that time. We are also at/nearing the end of an inventory de-stocking cycle. Despite flexible cost structures enabling cash flow, prolonged demand declines from rising rates and decreased affordability led to margin compression, bloated operating expenses, and heavy discounting. However, the pandemic attracted new outdoor enthusiasts, and the approaching 5-yr upgrade cycle should help offset attrition from those newcomers exiting the lifestyle."

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