Polaris' Improved Volume Flow-Through to Offset Tariff Pressures, Morgan Stanley Says

MT Newswires Live10-31

Polaris' (PII) improved volume flow-through from retail and accretion from the Indian Motorcycle deal are expected to offset tariff cost headwinds, which are forecast to increase sequentially in Q4, Morgan Stanley said in a Friday report.

The brokerage said it raised its 2026 EPS forecast to $2.15 from $2.10. It also said it expects the company to continue shifting production out of China to offset tariff pressures.

Polaris reported "strong" off-road vehicle share gains and improved dealer inventory in Q3, and the company's launch of the entry-level Ranger 500 also expanded its reach into the value segment, according to the note. Morgan Stanley analysts said they expect around $350 million in ORV revenue growth in 2026.

The company is in the early stages of a lean deployment, and there could be more savings opportunities in 2026 and beyond, according to Morgan Stanley.

The brokerage reiterated an equalweight rating on the stock and raised its price target to $72 per share from $68.

Price: 65.60, Change: -1.70, Percent Change: -2.52

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