Loop Capital Starts Polaris Industries (PII) at Hold

Loop Capital initiates coverage on Polaris Industries (NYSE: PII) with a Hold rating and a price target of $59.00.

The analyst comments: "We are initiating coverage of PII with a HOLD rating and $59 PT. We are launching coverage of PII with a HOLD rating largely due to a cautious view on PII’s long-term outlook. While PII has done an excellent job of rising to the #1 NA ORV market share position, the company’s approach to inventory management and promotional activity leaves us concerned about their ability to maintain market share without sacrificing profitability in a normalized retail environment. Exiting PII’s 3Q25 earnings call, questions surrounding PII’s normalized earnings power remain, and we struggle to find near-term upside catalysts for the stock. However, if there were to be a significant pullback in shares or evidence of sustainable NA ORV market share gains, we would not hesitate to get more constructive on PII. Our $59 PT is based on an EV/EBITDA multiple of 8.0x our FY26 EBITDA estimate of $593.3M (vs. $507.2M Consensus). Our above-consensus FY26 EBITDA estimate reflects the absence of the Indian Motorcycle business, while the Consensus FY26 estimate is skewed by analysts including Indian in their numbers."

For an analyst ratings summary and ratings history on Polaris Industries click here. For more ratings news on Polaris Industries click here.

Shares of Polaris Industries closed at $65.98 yesterday.

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