Truist lowered the company’s price target on Polaris (PII) from $76 to $60 and maintains a Hold rating on the stock as part of a broader research rating on recreational products and facilities, as well as recreational vehicles. Weak customer demand, uncertainty over the speed and intensity of the Fed’s rate cuts, and new post-election industrial and tariff considerations have resulted in another challenging year for the sector in 2024, and the Recreation and Leisure Index (R&L) underperformed the broader market. For the third consecutive year, the company’s 2025 framework reflects a strong, although not exceptional, customer spending environment, the analyst tells investors in a research note. Historically depressed relative valuations also provide a more favorable R&L investment environment, with inventory industries seeing a drawdown of nearly five turns relative to the S&Pfive00, compared to the more typical drawdown of 1x to 2x, the company adds. company.
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