First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 86.00 price target.

Abstract
As we head into Q2 earnings season, we are publishing a round of summer signposts and musings on select companies in our coverage universe. Knaus Tabbert shares have been under pressure since rival Trigano published third quarter results in late June reigniting worries that end RV demand is dwindling. The latest CIVD registration numbers for May are evidence that demand is still growing even if it is off the torrid pace set during the pandemic. Plus, checks confirm that KTA’s new orders are in line with expectations, and we look for the backlog to again be north of €0.5bn with Q2 reporting (Q1: €0.6bn). We continue to attribute much of the recent scepticism to investors needing to adjust expectations to a normalising environment after they were spoiled by splashy sector results during the pandemic. We stick to our Buy-rating and €86 TP.