Citi analyst James Hardiman raised the firm’s price target on Polaris to $97 from $96 and keeps a Neutral rating on the shares. While the firm continues to have concerns about industry inventory and promotions, it expects the company’s initial fiscal 2024 guidance to assume flat to increasing dealer inventories and, by extension, flat to increasing earnings. A month ago, following “fairly lackluster” months of October and November, the firm scaled back our Q4 estimates. However, after a relatively strong finish to the year, the firm reversed course and is now modestly ahead of the Street.
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