Wedbush analyst James Hardiman upgraded Polaris (PII) to Outperform from Neutral with a price target of $106, up from $68.

The stock closed Thursday down $2.06 to $88.83.

The powersports names in general, and Polaris in particular, could prove to be "great" ways to play the reopening of states, Hardiman tells investors in a research note. Consumers have been cooped up in their homes for months will take to the outdoors, while still being conscious of the ongoing risks associated with travel and large crowds, says the analyst.

Even though Polaris shares have doubled off their bottom, the 13% year-to-date decline suggests that investors have yet to "fully digest this new bull case," contends Hardiman, who believes such a realization should push the shares past their pre-COVID highs.