Shares of Polaris Industries got a bump last month after an analyst upgraded the company’s stock to “outperform,” according to a report in the Minneapolis / St. Paul Business Journal.
The day the upgrade was announced, Polaris stock rose 9.8 percent, or $2.81, to $31.39 in morning trading. Currently Polaris is still trading at around $31 per share.
R.W. Bair Analyst Craig Kennison said in a research note that Polaris’ efforts to expand further into military and “on-road” vehicles lead to the upgrade. In May, Polaris announced a new On-Road Vehicle Division to handle its Victory Motorcycles business as well as adjacent on-road markets that have yet to be announced.
Kennison said he expects the company to report a full-year profit of $2.90 per share, close to the high-end of the company’s estimated range of between $2.50 and $3 per share. Analysts polled by Thomson Reuters were expecting earnings of $2.68 per share, according to the Business Journal.