Thor Industries Shares Soar 11.35% After Citigroup Downgrade

Thor Industries (THO) shares surged by 11.35% today, marking a significant rebound after the stock price fell to its lowest level since May 2020, with an intraday decline of 2.58%.

Citigroup recently downgraded Thor Industries from a "buy" rating to a "neutral" rating, and also lowered their target price for the stock from $94.00 to $86.00. This change in rating and target price by a major financial institution likely contributed to the recent volatility in Thor Industries' stock price.

Additionally, California Public Employees Retirement System reduced its holdings in Thor Industries by 4.1% during the fourth quarter. This reduction in institutional holdings could indicate a shift in investor sentiment towards the company, potentially impacting the stock price.

Despite these challenges, Thor Industries was highlighted as an outperformer among automobile manufacturing stocks in Q4 earnings reports. This positive recognition could provide some support to the stock price, as investors may view the company favorably compared to its peers.