Polaris Q4 implied guide-down larger than Q3 miss, says Citi

Citi says Polaris (PII)’ Q3 adjusted earnings fell short of estimates as well as what was implied by management coming out of Q2. While retail was slightly better than the Q2 pace, it was worse than management’s internal expectations, leaving even more inventory clean-up to be done in Q4 and prompting an even larger implied Q4 guide-down relative to the Q3 miss, the analyst tells investors in a research note. Citi keeps a Neutral rating on the shares with an $83 price target The stock in afternoon trading is down 9% to $72.71.