Polaris price target lowered to $96 from $110 at Citi

Citi lowered the firm’s price target on Polaris to $96 from $110 and keeps a Neutral rating on the shares post the Q3 report. The company’s guidance was “slashed meaningfully,” but with the stock down 34% from July highs, investors may look at Polaris as “de-risked” with respect to 2024, the analyst tells investors in a research note. However, Citi is not sure, saying the company “does not appear to be putting the brakes on ORV shipments, and the ever-promised margin improvement continues to be just around the corner.”