Polaris Industries (PII) PT Lowered to $95 at BofA Securities
BofA Securities analyst Alex Perry lowered the price target on Polaris Industries (NYSE: PII) to $95.00 (from $110.00) while maintaining a Neutral rating.
The analyst comments "Polaris (PII) reported 1Q EPS of $0.23 (vs. our $0.04) as revenue was in-line with expectations (-20.3%). By segment, upside in off-road (-16.1% vs. our -19.3%) and on-road (-14.3% vs. our -18.0%) helped offset softer marine sales (-53.3% vs. our -29.0%). Gross margin of 19.0% was below our 19.4% given pressure from net price on higher promos & also benefits from an increase in corp. segment gross profit given an overallocation for profit sharing. EPS upside was driven by lower G&A ratio vs. our expectations (5.0% vs. our 6.0%) and higher financial services EBIT dollars."