BMO Capital lowered the firm’s price target on Polaris to $95 from $100 and keeps a Market Perform rating on the shares. The company’s Q4 results were weaker than expected as retail demand came in slightly lower than management forecasted, resulting in the company reducing shipment volume, the analyst tells investors in a research note. 2024 guidance also came in well below the Street expectations, and while it was likely lower than most investors expected coming into the print, BMO remains cautious around how back-half weighted guidance is given a fairly steep expected ramp in ORV margin recovery, the firm added.
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- Polaris sees FY24 adjusted EPS down 10%-15%, consensus $8.87
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- Polaris price target lowered to $100 from $108 at RBC Capital
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