Wedbush maintained an Outperform rating on Polaris Industries (NYSE: PII) and raised its price target to $173.00 (from $150.00). Analyst Rommel Dionisio noted strong retail sell-through for snowmobiles.
"Strong feedback from North America snowmobile dealers indicate the industry's best season in over 5+ years. Having conducted additional channel checks of U.S. and Canadian snowmobile dealers, our feedback indicates the snowmobile industry is seeing the strongest retail sell-through patterns winter-to-date since before the economic downturn. Cold temperatures and high snowfall patterns in key Midwest and Northeast regions, combined, of course, with rising consumer confidence, have apparently driven sharply increased customer traffic in dealerships, prompting not only increased retail sales of sleds, but also of related spare parts, garments, and accessories (PG&A) as well," said Dionisio.
