BRP (NASDAQ:DOO) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded BRP from “strong buy” to “hold,” while the broader analyst consensus is also “hold,” with six buys, seven holds, one sell, and an average price target of $84.
• BRP shares opened at $52.96, near the lower end of their 52-week range of $48.83 to $81.89, with a market capitalization of approximately $3.77 billion.
• Institutional investors generally increased their BRP holdings recently, including BlackRock, Deutsche Bank, Pictet Asset Management, the State of Wyoming, and Caitong International Asset Management.

BRP (NASDAQ:DOO - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Thursday, Zacks reports.

Other analysts also recently issued research reports about the stock. TD Securities raised shares of BRP from a "hold" rating to a "buy" rating in a report on Tuesday, August 18th. Citigroup boosted their price objective on shares of BRP from $74.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, September 8th. Weiss Ratings downgraded shares of BRP from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday. National Bank Financial upgraded shares of BRP from a "sector perform" rating to an "outperform" rating in a report on Thursday, September 3rd. Finally, Wall Street Zen downgraded shares of BRP from a "buy" rating to a "hold" rating in a research report on Saturday, September 5th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BRP currently has a consensus rating of "Hold" and an average price target of $84.00.

BRP Price Performance

Shares of NASDAQ:DOO opened at $52.96 on Thursday. BRP has a fifty-two week low of $48.83 and a fifty-two week high of $81.89. The business has a 50-day simple moving average of $61.08 and a two-hundred day simple moving average of $60.94. The company has a debt-to-equity ratio of 7.31, a quick ratio of 0.52 and a current ratio of 1.19. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 48.15 and a beta of 0.97.

Hedge Funds Weigh In On BRP

Institutional investors have recently made changes to their positions in the business. Pictet Asset Management Holding SA grew its position in shares of BRP by 4.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 7,156 shares of the company's stock valued at $513,000 after acquiring an additional 331 shares during the period. Deutsche Bank AG raised its holdings in BRP by 6.0% in the 2nd quarter. Deutsche Bank AG now owns 7,124 shares of the company's stock worth $435,000 after purchasing an additional 402 shares during the period. State of Wyoming raised its holdings in BRP by 21.4% in the 2nd quarter. State of Wyoming now owns 2,317 shares of the company's stock worth $141,000 after purchasing an additional 408 shares during the period. BlackRock Inc. lifted its position in BRP by 3.5% during the second quarter. BlackRock Inc. now owns 12,364 shares of the company's stock valued at $754,000 after purchasing an additional 417 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in BRP by 4,070.6% during the second quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company's stock valued at $43,000 after purchasing an additional 692 shares in the last quarter.

About BRP

BRP Inc, formerly known as Bombardier Recreational Products, is a Canadian company that designs, develops, manufactures, distributes and markets powersports vehicles, marine products, engines and related parts, accessories and apparel. The company serves recreational and commercial customers through a portfolio of products sold internationally.

BRP's principal brands include Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am off-road and three-wheel vehicles, Alumacraft and Manitou boats, and Rotax engines.

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