Shares of Thor Industries Inc. stock jumped $2.24 today (March 1), closing at $49.44 and establishing a new 52-week high for the Jackson Center, Ohio-based builder.
The company’s stock was bouyed by Tuesday’s earnings report showing a 54% increase in second-quarter profits and over $1 billion in sales for the first six months, which pushed Thor shares $1.87 higher at yesterday’s close.
The financial results eclipsed estimates prompting investment firms to move the stock’s target price.
Robert W. Baird & Co., which regularly tracks the industry noted: “Momentum appears strong heading into the peak season, suggesting higher earnings per share and a healthy backlog. Considering these trends and ample cash, we believe Thor has room to trade higher and have raised our price target to $54.”