Jefferies Raises Price Target on Polaris Industries (PII) Following TAP Acquisition
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Jefferies reiterated a Hold rating on Polaris Industries (NYSE: PII), and raised the price target to $78.00 (from $69.00), following TAP acquisition. TAP, which closed in mid November, is expected to contribute +$100m (+9%) to 4Q16 revenue, but will be a -$0.23 to -$0.31 EPS headwind due to acquisition costs.
Analyst Trevor Young commented, "We are updating our model to include the impact from TAP ($740m TTM rev.) and preliminary '17 quarterly estimates. Consensus isn't reflecting TAP rev. contribution, but acq. costs aren't in EPS either (adj. EPS ex. costs still in line with '16 guid.). We continue to believe PII should outperform L-T given scale and breadth of products, but remain cautious as fallout from ongoing recalls may persist into '17. Rolling valuation to FY18, PT to $78, maintain HOLD."
Shares of Polaris Industries closed at $86.86 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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