The decline in RV demand over the last three years has led to a significant reduction in the Recreational Vehicles segment's revenue and profitability. However, recent industry wholesale shipment data and a positive sales update from the company point to recovery in RV demand. Given the positive sales trends, we are raising our Recreational Vehicle segment revenue growth forecast and modestly increasing our EPS estimates for F2026 and F2027. REV Group ended 3Q:F25 with net debt of $54 million and net leverage of just 0.3x. We maintain our $67 price target based on 18x our F2027 EPS estimate of $3.77 (from $3.72), and a Moderate risk rating.