Wedbush Cuts Price Target on Polaris Industries (PII) Following guidance Cut
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Wedbush maintained a Neutral rating on Polaris Industries (NYSE: PII), and cut the price target to $77.00 (from $88.00), following the company's guidance cut. Polaris announced on Monday, a cut to 2016 guidance, from $6.00-$6.30 to $3.30-$3.80. The starting point for 2017 earnings estimates is now $4.50-$5.00 vs. the Street’s ~$6.80.
Analyst James Hardiman commented, "Monday’s guidance cut was the realization of what many investors had long feared, and yet there is little resolution with regards to the company’s issues surrounding product quality. And so while we understand the interest in value investors to get involved following a 22% decline in the stock over the past four weeks (vs. -1.4% for S&P), we remain on the sidelines until we can gain confidence in the safety of PII’s product offering."
Shares of Polaris Industries closed at $76.79 yesterday.
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