[ad_1]
primeimages
Polaris Inc. (NYSE:PII) motored higher on Wednesday after Morgan Stanley upgraded the recreational vehicle stock to an Overweight rating from Equal-weight and called it a top pick in the leisure sector.
Analyst Megan Alexander pointed to an attractive risk-reward profile for Polaris (PII) in its position as a category leader. He also sees profitability upside and believe the downward earnings revision curve is approaching a bottom with bias shifting to the upside. PII was also noted to be currently trading at an undemanding valuation in comparison to peers.
“After PII underperformed the market and peers in 2023, we see attractive value in 2024 with earnings revisions approaching an inflection point as demand proves more resilient than expected and opportunities to recapture cost inefficiencies and drive further optimization catalyze profitability upside.”
Morgan Stanley set a price target of $113 on Polaris (PII).
Seeking Alpha analyst Gen Alpha is also positive on the stock. “While the near-term outlook may be challenging, PII has positioned itself well in terms of market share and innovation to emerge stronger from the current economic downturn,” read the recent breakdown.
Shares of Polaris (PII) gained 1.80% in late afternoon trading on Wednesday to $89.48 vs. the 52-week range of $82.00 to $138.49.
[ad_2]