MKM Partners Starts Polaris Industries (PII) at Neutral
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MKM Partners analyst Scott Stember initiates coverage on Polaris Industries (NYSE: PII) with a Neutral rating.
The analyst comments "We are initiating coverage of PII shares with a Neutral rating and a $117 fair value estimate. An extended annuity to refill channel inventories on both the Off-Road (ORVs, or the core Off-Road Vehicle business) and On-Road (namely Indian motorcycle) segments will likely give Polaris enough of a sales and earnings cushion early on in 2023, before building recessionary headwinds pressure the overall business in the back half of the year. Our 4Q22 EPS forecast of $3.33 (50% growth) is modestly above the Street’s $3.27 and should round out full-year 2022 EPS at $10.30. Our fair value estimate of $117 is based on a multiple of 12x our below consensus 2023 EPS estimate of $9.55."
Shares of Polaris Industries closed at $112.71 yesterday.
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