UPDATE: Wedbush Securities Upgrades Polaris Industries to Outperform on New Product-Driven Growth
Wedbush Securities raised its rating on Polaris Industries (NYSE: PII) from Neutral to Outperform and increased its price target from $89 to $100.
Wedbush Securities commented, "Upcoming new models and development of revolutionary technologies gives us a more bullish outlook for ORV segment, despite increased competition in side-by-sides (SxS). Following our visit to Polaris' Wyoming, MN R&D facility, we came away with a more confident outlook for continued strong growth in the core off-road vehicle (ORV) segment, driven by: 1. upcoming new performance models in 2013 should enable Polaris to maintain leading market shares, despite competitor introductions such as the Can Am Maverick and Arctic Cat Wildcat, and 2. expansion of revolutionary new technologies into ORVs, such as non-pneumatic tires, electric motors, and diesel engines."
Polaris Industries closed at $80.32 on Tuesday.
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