REV Group (REVG) PT Raised to $32 at Baird

Baird analyst Mircea (Mig) Dobre raised the price target on REV Group (NYSE: REVG) to $32.00 (from $28.00) while maintaining a Outperform rating.

The analyst commented: "Maintain Outperform rating. Good quarter driven by strength in Fire & Emergency (units +18%, sales +33%, EBITDA margin +480 bps year/year). The lower end of EBITDA guidance range increased $6 million despite a $50 million reduction in sales guidance (RV -~$100 million, terminal trucks -~$50 million, F&E +~$100 million) as F&E margin and throughput continues to improve and decremental margins are managed well in the businesses facing cyclical headwinds. Our estimates are mostly unchanged with FY25 EPS nearly double FY23, driven by >2-year backlog in F&E at improving margin profile."

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