Canaccord Genuity Group Downgrades BRP (TSE:DOO) to Hold

Key Points

• Canaccord Genuity downgraded BRP to a "Hold", cutting its price target to C$90 from C$118 (the new target implies roughly a 28.8% upside from the company's previous close).
• Analyst views remain mixed but generally favorable: MarketBeat shows a consensus rating of "Moderate Buy" with an average price target of C$111.20 (10 Buys, 3 Holds, 1 Strong Buy).
• Shares tumbled to C$69.89 on heavy volume (~1.4M vs. an average 253.8k), while BRP recently reported quarterly EPS of C$2.21 on C$2.46 billion in revenue and a return on equity of 54.95%.

BRP (TSE:DOO - Get Free Report) was downgraded by Canaccord Genuity Group from a "buy" rating to a "hold" rating in a report released on Wednesday,BayStreet.CA reports. They currently have a C$90.00 target price on the stock, down from their previous target price of C$118.00. Canaccord Genuity Group's price target indicates a potential upside of 28.77% from the company's previous close.

Several other equities research analysts have also recently issued reports on DOO. Royal Bank Of Canada reduced their target price on BRP from C$131.00 to C$124.00 and set an "outperform" rating on the stock in a report on Monday, March 30th. Wells Fargo & Company raised their price target on BRP from C$105.00 to C$110.00 and gave the company an "overweight" rating in a report on Friday, March 27th. TD downgraded BRP from a "buy" rating to a "hold" rating and reduced their price objective for the stock from C$119.00 to C$84.00 in a research note on Wednesday. Ci Capital decreased their price objective on BRP from C$128.00 to C$119.00 and set a "buy" rating on the stock in a report on Friday, March 27th. Finally, Raymond James Financial decreased their target price on shares of BRP from C$117.00 to C$115.00 in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given 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 C$111.20.

BRP Price Performance

Shares of TSE:DOO traded down C$38.15 during midday trading on Wednesday, reaching C$69.89. 1,405,911 shares of the company were exchanged, compared to its average volume of 253,784. The stock has a market cap of C$5.11 billion, a PE ratio of 17.69, a price-to-earnings-growth ratio of 2.05 and a beta of 0.94. The business's fifty day moving average is C$99.20 and its two-hundred day moving average is C$97.98. BRP has a one year low of C$43.88 and a one year high of C$112.26. The company has a current ratio of 1.27, a quick ratio of 0.20 and a debt-to-equity ratio of 443.59.

BRP (TSE:DOO - Get Free Report) last announced its quarterly earnings results on Thursday, March 26th. The company reported C$2.21 earnings per share (EPS) for the quarter. The company had revenue of C$2.46 billion for the quarter. BRP had a net margin of 3.45% and a return on equity of 54.95%. As a group, analysts predict that BRP will post 6.890971 earnings per share for the current year.

BRP Company Profile

BRP designs, develops, manufactures, distributes, and markets snowmobiles, all-terrain vehicles, and personal watercraft under the Ski-Doo, Sea-Doo, Can-Am, and Lynx brand names. It also builds engines under the Rotax brand (after discontinuing the Evinrude outboard engine business in 2020) and offers clothing, parts, and accessories that cater to its core consumers. In 2018, BRP created a marine group, acquiring boat manufacturers Alumacraft, Triton (which makes Manitou pontoon boats), and Telwater (in Australia).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.