Wedbush Remains Neutral Following Polaris Industries' (PII) 4Q and 2016 Guidance
Wedbush reiterated a Neutral rating on Polaris Industries (NYSE: PII), and cut the price target to $82.00 (from $94.00), following the company's 4Q earnings. PII reported 4Q EPS of $1.66 versus the consensus estimate of $1.64. 2016 EPS is being guided in the range of $6.20-$6.80, short of even the revised consensus estimate of $6.95.
Analyst James Hardiman commented, "2015 was very much a forgettable year, in our view, punctuated by a brutal 4Q and followed by what is expected to be, at best, a stabilization year in 2016. Management has made the hard decisions with respect to inventory, and the story becomes interesting to us if the health of the channel begins to improve in the months to come. For now, however, this seems like a 2017 story, and we are therefore maintaining our NEUTRAL rating."
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Shares of Polaris Industries closed at $72.99 yesterday.