Wedbush maintained a Neutral rating on Polaris Industries (NYSE: PII), and cut the price target to $71.00 (from $77.00), following the company's 3Q earnings report. PII reported 3Q16 EPS of $0.50, compared to the Street’s $0.46. Below the line, PII saw a $0.06 other income loss, while a lower tax rate provided a $0.04 benefit vs. consensus. FY16 EPS guidance has been narrowed to a range of $3.40-$3.60 from prior guidance of $3.30-$3.80.

Analyst James Hardiman commented, "While 3Q technically represents a beat, 2017 consensus estimates need to come down on a like-for-like basis. And while the September side-by-side improvement was encouraging, it remains unclear whether this is sustainable. As such, until we have confidence that the ORV industry and, just as important, PII’s share positioning has bottomed, we remain on the sidelines with a NEUTRAL rating, while lowering our target to $71 (14x our 2017 estimate)."

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 $78.61 yesterday.