BRP (NASDAQ:DOO) Raised to "Buy" at TD Securities

Key Points

• TD Securities upgraded BRP from “hold” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $83.00.
• BRP shares rose 8.0% to $68.90, giving the company a market capitalization of approximately $5.05 billion.
• Several institutional investors recently initiated or increased positions in BRP, including Caitong International Asset Management, State of Wyoming and PNC Financial Services Group.

BRP (NASDAQ:DOO - Get Free Report) was upgraded by equities research analysts at TD Securities from a "hold" rating to a "buy" rating in a research note issued to investors on Tuesday.

Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada restated an "outperform" rating on shares of BRP in a research note on Friday, May 29th. Raymond James Financial downgraded BRP from a "strong-buy" rating to a "market perform" rating in a research report on Friday, April 24th. Weiss Ratings reissued a "hold (c)" rating on shares of BRP in a research report on Thursday, July 2nd. Citigroup reduced their price target on BRP from $75.00 to $74.00 and set a "buy" rating for the company in a research report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of BRP in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $83.00.

BRP Stock Up 8.0%

Shares of DOO stock traded up $5.11 during trading on Tuesday, reaching $68.90. The company's stock had a trading volume of 407,616 shares, compared to its average volume of 306,444. The business has a fifty day moving average price of $61.05 and a 200-day moving average price of $64.47. The company has a quick ratio of 0.61, a current ratio of 1.30 and a debt-to-equity ratio of 3.41. The company has a market cap of $5.05 billion, a price-to-earnings ratio of 26.02 and a beta of 0.88. BRP has a one year low of $48.83 and a one year high of $81.89.

Hedge Funds Weigh In On BRP

A number of hedge funds and other institutional investors have recently bought and sold shares of DOO. Quarry LP bought a new stake in BRP in the fourth quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of BRP by 4,070.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company's stock worth $43,000 after acquiring an additional 692 shares during the period. Quadrant Capital Group LLC acquired a new position in shares of BRP during the 4th quarter worth approximately $89,000. State of Wyoming increased its holdings in shares of BRP by 21.4% during the 2nd quarter. State of Wyoming now owns 2,317 shares of the company's stock worth $141,000 after acquiring an additional 408 shares during the last quarter. Finally, PNC Financial Services Group Inc. bought a new stake in BRP in the 4th quarter valued at $142,000.

BRP Company Profile

BRP Inc, headquartered in Valcourt, Quebec, designs, manufactures and distributes powersports vehicles and propulsion systems for recreational and utility use. The company traces its roots to the Bombardier family and the early development of the snowmobile, and it operates as a global manufacturer of recreational vehicles and related technologies.

BRP’s product portfolio includes snowmobiles, personal watercraft and sport boats, off-road vehicles (including all-terrain and side-by-side models) and three‑wheel on‑road vehicles.

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