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Polaris initiated with a Neutral at MKM Partners amid uncertain 2023 macro
The Fly

Polaris initiated with a Neutral at MKM Partners amid uncertain 2023 macro

MKM Partners analyst Scott Stember initiated coverage of Polaris with a Neutral rating and $117 price target. The analyst notes that an extended annuity to refill channel inventories on both the Off-Road and On-Road segments will likely give Polaris enough of a sales and earnings cushion early on in 2023, but building recessionary headwinds are set to pressure the overall business in the second half of the year. Stember adds that Polaris shares trade at what appears to be a near trough-like 10.5-times and 7.8-times respective estimated EPS and EBITDA estimates, though these multiples may be "justified and reflect current risks".

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