KeyBanc downgraded Polaris (PII) from heavyweight to sector without a price target. Given the company’s outlook for fiscal 2025, along with the stock’s current valuation, he no longer finds a favorable valuation at those levels for Polaris given its “progressive caution. ” End market dynamics for off-road cars are more challenging than for recreational cars and Polaris’ valuation “has become more expensive,” the analyst told investors in a research note.
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