Camping World Holdings (CWH) faces a soft market for recreational vehicles and lower margins amid increasing interest rates and oil prices, Bank of America Securities said Tuesday in a report.

On Monday, Camping World said in a regulatory filing it expects 2026 adjusted EBITDA to fall below its prior $230 million to $270 million guidance "amid continued uncertainty regarding macroeconomic conditions and RV industry demand."

New and used unit sales remained weak through Q3, pressuring margins and prompting Camping World to accelerate $100 million in cost savings and to cut more staff, according to the filing. The company is also exploring refinancing its term loan.

BofA cuts its 2026 EBITDA forecast to $225 million from $245 million and lowered its price target on Camping World stock to $12 from $14, while reiterating its buy rating.

Downside risks to the new price target include faltering consumer confidence and elevated rates that would impact affordability and slow demand for higher-priced units, BofA said.

Price: 4.62, Change: +0.07, Percent Change: +1.43