Polaris initiated with a Neutral at BofA

BofA analyst Alexander Perry initiated coverage of Polaris with a Neutral rating and $110 price target. BofA thinks the risk/reward is balanced for the global leader in the manufacturing of powersports vehicles as demand pressure in Polaris’s discretionary interest-rate sensitive categories is partially offset by strong innovation and resilience in the company’s utility segment, the analyst tells investors in a research note. New product innovation, particularly the launch of the Polaris Xpedition and Ranger XD 1500 side-by-sides, is a bright spot, and BofA believes sales of Xpedition will continue to ramp.