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Two investment analysts interviewed recently by the Dayton Business Journal believe Thor Industries Inc.’s stock price will rise to $68 or $70 a share within 12 months.
The current price of Thor’s stock is $66.55 a share, which is a 52-week high.
Last week, Thor’s stock price slipped briefly below $54 a share before gaining $5.50 a share on Dec. 11, the day after the company announced a 2-for-1 stock split. Thor also announced on Wednesday (Dec. 10) it would leave its dividend pay-out rate unchanged, meaning Thor effectively would double its quarterly cash dividend after the stock split takes effect late next month.
In late-morning (Dec. 15) New York Stock Exchange trading, Thor shares were priced at $58.29, up 29 cents.
Joe Chumbler, an analyst with Stephens Inc. in Little Rock, Ark., estimated Thor’s stock price would reach $70 a share in 2004 because “they’re not completely dependent upon the RV industry (and) because they’re so (acquisition oriented).”
In addition to towable RVs and motorhomes, Thor also builds midsize transit and shuttle buses.
“They have a strong balance sheet, with over $100 million in cash and no debt,” Chumbler continued. “With that significant amount of free cash flow, they will definitely continue to make acquisitions.”
Meanwhile, Richmond, Va.-based equity research firm BB&T Capital Markets, recently initiated coverage of Thor at a “buy” rating and 12-month price target of $68 a share.
Mac Bryan, the Recreation Vehicle Industry Association’s vice president of administration also told the Dayton Business Journal that “Thor is in every marketplace in the industry. It gives them a wide product offering. By having that flexibility in their business plan, they’re positioned well to take advantage of a growing marketplace.”