BRP (NASDAQ:DOO) Rating Lowered to Sector Perform at National Bank Financial

Key Points

• National Bank Financial downgraded BRP (NASDAQ:DOO) from an "outperform" to a "sector perform" rating in a research note issued Wednesday.
• Shares plunged 35.1% to $50.93 on heavy volume (1.58M shares vs. average 241k), trading well below its 50-day moving average of $72.29.
• Analysts are mixed but MarketBeat’s consensus remains a "Moderate Buy" with a $80.50 target, based on 1 Strong Buy, 2 Buy and 5 Hold ratings.

BRP (NASDAQ:DOO - Get Free Report) was downgraded by equities researchers at National Bank Financial from an "outperform" rating to a "sector perform" rating in a research note issued on Wednesday, Marketbeat reports.

A number of other research firms have also issued reports on DOO. Wells Fargo & Company initiated coverage on BRP in a research report on Wednesday, March 11th. They issued an "overweight" rating for the company. TD Cowen lowered BRP from a "buy" rating to a "hold" rating in a research report on Wednesday. Weiss Ratings restated a "hold (c-)" rating on shares of BRP in a research report on Monday, March 23rd. Zacks Research upgraded BRP from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 27th. Finally, Citigroup dropped their price target on BRP from $87.00 to $86.00 and set a "buy" rating for the company in a research report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.50.

BRP Stock Down 35.1%

Shares of BRP stock traded down $27.52 during mid-day trading on Wednesday, reaching $50.93. 1,584,707 shares of the stock traded hands, compared to its average volume of 241,008. The company has a 50-day moving average price of $72.29. BRP has a fifty-two week low of $31.78 and a fifty-two week high of $81.89. The stock has a market capitalization of $3.74 billion, a PE ratio of 17.49 and a beta of 1.15. The company has a quick ratio of 0.56, a current ratio of 1.27 and a debt-to-equity ratio of 3.92.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DOO. Quarry LP purchased a new position in BRP in the fourth quarter worth approximately $30,000. Signaturefd LLC acquired a new position in BRP during the fourth quarter worth $43,000. Quadrant Capital Group LLC acquired a new position in BRP during the fourth quarter worth $89,000. PNC Financial Services Group Inc. acquired a new position in BRP during the fourth quarter worth $142,000. Finally, Intact Investment Management Inc. acquired a new position in BRP during the fourth quarter worth $156,000.

About BRP

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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