Polaris announced the appointment of Michael Speetzen as the company’s interim CEO. Speetzen has until now served as CFO of the power sports company. Shares rose 1.8% at the close on Tuesday.
The executive changes comes after Polaris (PII) On Nov. 17 disclosed that Scott Wine would step down as its CEO effective Dec. 31, to become the CEO of CNH Industrial (CNHI).
In addition, Polaris lead independent director John Wiehoff assumed the position of Chairman of the board, and SVP Bob Mack will serve as the interim CFO. Each of these appointments will be effective from Jan. 1, 2021.
Wedbush analyst James Hardiman last month reiterated a Buy rating on the stock with a price target of $116 (a 15% upside potential). However, Hardiman removed Polaris from his Best Ideas List.
The post-COVID story is likely to be a bit muddled for Polaris amid the current search for a new CEO, according to Hardiman. (See PII stock analysis on TipRanks)
From the rest of the Street, the stock scores a cautiously optimistic analyst consensus of a Moderate Buy based on 5 Buys and 2 Holds. The average analyst price target of $114.67 implies upside potential of 14% to current levels. Shares advanced 6% over the past month.
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