Jefferies Starts Polaris Industries (PII) at Hold
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Jefferies initiates coverage on Polaris Industries (NYSE: PII) with a Hold rating and a price target of $69.00.
Analyst Trevor Young commented, "PII (HOLD, PT $69) should be best-in-class given scale, breadth of products, and growing motorcycle business, but recalls likely to weigh on revenue, share and margin in S-T. Polaris has strong momentum with Indian motorcycles, while a growing commercial/gov't adjacent market business helps reduce cyclicality. Ongoing cost reduction initiatives and scaling motorcycle to achieve company-level GM create a meaningful L-T margin opportunity. PII can likely outperform in the long-term, and EPS could reach $6.75 by FY18 (+8% vs. consensus), but we remain on the sidelines as ongoing recalls may not have run their course yet. We are -9% below FY17 consensus EPS, but are +3% ahead on FY18."
Shares of Polaris Industries closed at $75.47 yesterday.
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