Polaris Industries (PII) EPS Cut To $1.76 At Longbow

Longbow Research analyst, David MacGregor, reiterated his Neutral rating and cut his EPS estimates for Polaris Industries (NYSE: PII) after the completing his of our end of quarter dealer survey. Conversaions revealed flat-to-up-LSD December NA ORV retail sales, which are now reflected in his model.

The analyst offered 6 key takeaways:

1) 4Q18 NA ORV retail sales up LSD

2) Multi-line dealers indicate PII is losing share to CanAm and introduced the largest FY19 wholesale price increase compared to the competition

3) Indian/Slingshot dealers indicated they received MAP policy “amnesty” to start FY19 after a weak close to the year

4) Dealers see financing rate increases from lenders, with non-Tier 1 credit customers seeing the
largest increase

5) PII is holding a town hall meeting at the beginning of February exclusively for Slingshot dealers, which some contacts suspect could be the end for the platform

6) Dealers contacts expect flat-LSD FY19 NA ORV retail sales growth

For an analyst ratings summary and ratings history on Polaris Industries click here. For more ratings news on Polaris Industries click here.

Shares of Polaris Industries closed at $83.21 yesterday.

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