BMO Capital analyst Gerrick Johnson upgraded Polaris Industries to Outperform from Market Perform and raised his price target for the shares to $99 from $96. The provider of power sports vehicles closed yesterday up 8c to $85.93. The stock is now pricing in a "worst-case tariff scenario," Johnson tells investors in a research note. The analyst likes the setup for Polaris shares as he thinks there is a higher likelihood of tariffs being reduced or removed than increased. Further, Johnson's most recent round of channel checks indicates a sequential retail improvement, with dealers citing the "solid" economy and improving weather. Polaris's customers remain optimistic and off-road vehicle demand improved with the better spring weather, says the analyst.

Baird lowered the firm's price target on Polaris to $100 from $110 and keeps an Outperform rating on the shares. The firm said they beat expectations and reiterated guidance, but shares fell 2% on persistent inventory concerns. Baird believes the stock seems washed out or close to it, but investors need to be convinced "the last cut" to guidance is in place before buying into the 2026 plan.

Citi analyst James Hardiman lowered the firm's price target on Polaris to $96 from $100 and keeps a Neutral rating on the shares. The Q1 upside appears to be a function of expense timing if the reiterated guidance is any indication, the analyst tells investors in a research note. Citi continues to see risk to the remainder of the year, but sees limited downside to shares from here, with its base case implying modest upside over the next twelve months. It believes elevated promotions continue to weigh on the leisure industry.