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A long winter and the worst of the U.S.-China trade war may both be in the rearview mirror for off-road vehicle maker Polaris Industries Inc. (NYSE:PII), BMO Capital Markets said Tuesday.
The Analyst
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Gerrick Johnson upgraded Polaris from Market Perform to Outperform with price target lifted from $96 to $99.
The Thesis
The worst-case scenario on tariffs is now accounted for in Polaris' share price, Johnson said in a Tuesday note. (See his track record here.)
From now on, there’s a higher likelihood of tariffs being reduced than increased, the analyst said.
With better weather, now is the time when customers are in the market for off-road vehicles, Johnson said. And that makes it a good time to be in the market for Polaris stock, he said.
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“Despite a volatile stock market and macro uncertainty, PII's customers remain optimistic and we are seeing improvements in (off-road vehicle) demand as the spring weather has improved."
An anticipated major product upgrade announcement by Polaris this summer is "the worst-kept secret in powersports," the analyst said.
Price Action
Polaris shares were trading up 3.9 percent at $89.28 at the time of publication Tuesday.
Related Links:
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Photo courtesy of Polaris.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.