UPDATE: Wedbush Downgrades Polaris Industries to Neutral

Wedbush Securities has published a research report on Polaris Industries PII from Outperform to Neutral and has lowered the price target from $68 to $62 based on increased competition and weather impacts. In the report, Wedbush writes, "Arctic Cat's entry into sport side-by-sides will be available at dealers in February, backed by a large advertising campaign, and could represent a key challenge to Polaris' own SxS business, which accounts for over half of company profits. Polaris' 2012 guidance assumes its SxS business will continue to gain market share and outperform the industry. While that has been true the past several years, given such increased competition, we would prefer to remain somewhat more conservative in our own expectations." Polaris Industries is currently trading down $2.00 from yesterday's $65.32 closing price.