Polaris miss and cut likely not ‘complete surprise to investors,’ says Truist

Truist notes that Polaris (PII)’ Q3 adjusted EPS and revenue were below the Street’s forecasts and that the 2024 outlook was cut for second time in as many quarters. While the the Q3 miss and FY24 guidance cut were “disappointing,” the firm does not believe “either will come as a complete surprise to investors,” though the analyst said ahead of the company’s call that the firm did expect shares to trade lower on today’s open. Truist has Hold rating and $82 price target on Polaris shares, which are down $7.53, or 9%, to $72.66 in afternoon trading.