BRP (NASDAQ:DOO) Stock Rating Lowered by Seaport Research Partners

Key Points

• Seaport Research Partners downgraded BRP (NASDAQ:DOO) from a "buy" to a "neutral" rating in a research note.
• Analyst views are mixed—Wells Fargo started coverage with an "overweight" call and Zacks upgraded to "strong-buy," while TD Securities and Weiss rate it a hold and Citigroup trimmed its price target to $86; MarketBeat's consensus is a Moderate Buy with a $80.50 target.
• Shares opened at $78.45 (up ~1.9%), valuing BRP at about $5.75 billion, and institutional investors such as Invesco and Mackenzie initiated sizeable new positions.

BRP (NASDAQ:DOO - Get Free Report) was downgraded by analysts at Seaport Research Partners from a "buy" rating to a "neutral" rating in a research note issued on Wednesday,Finviz reports.

DOO has been the topic of a number of other research reports. TD Securities lowered shares of BRP to a "hold" rating in a report on Wednesday. Wells Fargo & Company began coverage on shares of BRP in a report on Wednesday, March 11th. They issued an "overweight" rating on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of BRP in a report on Monday, March 23rd. Citigroup cut their price target on shares of BRP from $87.00 to $86.00 and set a "buy" rating on the stock in a report on Monday, March 30th. Finally, Zacks Research raised shares of BRP from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, BRP currently has an average rating of "Moderate Buy" and a consensus price target of $80.50.

BRP Stock Up 1.9%

Shares of BRP stock opened at $78.45 on Wednesday. The company has a market cap of $5.75 billion, a price-to-earnings ratio of 26.96 and a beta of 1.15. BRP has a 12-month low of $31.78 and a 12-month high of $81.89. The company has a debt-to-equity ratio of 3.92, a quick ratio of 0.56 and a current ratio of 1.27. The stock has a fifty day moving average price of $72.29.

Hedge Funds Weigh In On BRP

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. purchased a new position in shares of BRP during the fourth quarter valued at about $9,701,000. Summit Global Investments purchased a new position in shares of BRP during the fourth quarter valued at about $474,000. State of Tennessee Department of Treasury purchased a new position in shares of BRP during the fourth quarter valued at about $5,007,000. Mackenzie Financial Corp purchased a new position in shares of BRP during the fourth quarter valued at about $207,651,000. Finally, XTX Topco Ltd purchased a new position in shares of BRP during the fourth quarter valued at about $361,000.

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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