UPDATE: Citi Downgrades Polaris Industries (PII) to Neutral (correction)
Citi analyst Shawn Collins downgraded Polaris Industries (NYSE: PII) from Buy to Neutral with a price target of $160.00 (from $135.00).
The analyst comments "We move to the sidelines with our rating on Polaris, going from Buy to Neutral. Our new price target is $160. At the same time, we are expanding our leisure coverage and initiating with a Buy rating on the other dominant player in powersports – BRP, Inc. (DOO-CA), based in Canada. The fundamentals of Polaris’ business have never been stronger and the company recently unveiled plans to debut an all-new electric RANGER side-by-side vehicle for 2022 release. However, in only ~7-months, the stock is up +58% (vs. SP500 +23%). Given PII’s healthy stock price increase, we downshift our rating, with the stock moving down our preferred list of names within our coverage portfolio."
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 $146.45 yesterday.