BRP (NASDAQ:DOOO) Upgraded to "Sector Outperform" at CIBC

Key Points

• BRP has been upgraded to a "sector outperform" rating by CIBC, moving up from a previous "neutral" rating.
• Other analysts have also raised their ratings on BRP, with TD Securities and Wall Street Zen both upgrading to "strong-buy," reflecting a positive sentiment towards the stock.
• BRP shares have increased by 6.3%, reaching $66.95, amidst significant trading volume over the recent days.

BRP (NASDAQ:DOOO - Get Free Report) was upgraded by equities researchers at CIBC from a "neutral" rating to a "sector outperform" rating in a research note issued on Tuesday, Marketbeat reports.

Other equities analysts have also recently issued reports about the stock. TD Securities upgraded shares of BRP from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 30th. Wall Street Zen upgraded BRP from a "buy" rating to a "strong-buy" rating in a report on Saturday. Canaccord Genuity Group raised BRP from a "hold" rating to a "buy" rating in a research note on Tuesday. Stifel Canada raised shares of BRP from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 29th. Finally, Citigroup restated a "neutral" rating and set a $51.00 price target (up from $43.00) on shares of BRP in a report on Monday, June 16th. Three equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

BRP Trading Up 6.3%

Shares of DOOO traded up $3.97 during midday trading on Tuesday, hitting $66.95. The stock had a trading volume of 377,389 shares, compared to its average volume of 240,375. The business has a 50-day simple moving average of $52.43 and a two-hundred day simple moving average of $43.55. The firm has a market cap of $4.89 billion, a P/E ratio of -278.50 and a beta of 1.19. The company has a current ratio of 1.34, a quick ratio of 0.58 and a debt-to-equity ratio of 5.85. BRP has a fifty-two week low of $31.78 and a fifty-two week high of $72.21.

Institutional Trading of BRP

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sagard Holdings Management Inc. acquired a new position in shares of BRP during the 2nd quarter valued at about $41,000. Raymond James Financial Inc. acquired a new stake in BRP in the 2nd quarter worth approximately $60,000. Acadian Asset Management LLC bought a new stake in BRP during the first quarter worth approximately $70,000. State of Wyoming acquired a new position in BRP during the first quarter valued at approximately $93,000. Finally, Russell Investments Group Ltd. raised its position in shares of BRP by 75.3% in the first quarter. Russell Investments Group Ltd. now owns 3,820 shares of the company's stock valued at $129,000 after purchasing an additional 1,641 shares during the period.

BRP Company Profile

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in the United States, Canada, Europe, the Asia Pacific, Mexico, Austria, and internationally. The Powersports segment offers year-round products, such as Can-Am all-terrain vehicles, side-by-side vehicles, and three-wheeled vehicles; and seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercrafts and pontoons, Rotax engines for karts and recreational aircraft, and Pinion gearboxes with smart shift systems.

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