UPDATE: Wedbush Raises PT on Polaris Industries on Market Share Gains in North America

In a report published on Tuesday, Wedbush analyst Rommel Dionisio raised the price target on Polaris Industries (NYSE: PII) from $100 to $107, and maintained an Outperform rating. In the report, Wedbush noted, "Channel checks indicate Polaris continues to gain market share in the North American ORV market, despite competitive entrants in the lucrative side-byside (SxS) market. Following another channel check we conducted of over 55 offroad vehicle (ORV) dealers in North America, dealers noted Polaris continues to build upon its already market leading share of the high-margin, fast-growing SxS segment. Overall, the ORV market appears to be seeing an encouraging rebound QTD, following a retail sales decline in Q1 due to inclement late-winter weather hampering consumer traffic in dealerships in March. Such market share gains for Polaris come at an important time, as the company is reducing dealer inventories, particularly of high performance RZR models, in anticipation of an upcoming major new product launch in July, not to mention in the face of increased competition from recent new SxS launches from Arctic Cat and Bombardier/Can Am."Polaris Industries is currently trading at $93.89.