Polaris (PII) shares tumbled 6.86% in pre-market trading on Friday, following a significant downgrade from Baird. The investment firm lowered its rating on the recreational vehicle manufacturer from Outperform to Neutral, dealing a blow to investor confidence.
In addition to the downgrade, Baird substantially reduced its price target for Polaris from $56 to $40, representing a 28.6% cut. This adjustment suggests a more cautious outlook on the company's near-term prospects and potential headwinds in the recreational vehicle market.
The downgrade comes amid a mixed sentiment from Wall Street analysts. According to FactSet, Polaris currently has an average rating of "hold" with a mean price target of $48.50. This indicates that while some analysts remain cautious, others still see potential upside for the stock, albeit with tempered expectations compared to previous assessments.
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