Scotiabank Forecasts Strong Price Appreciation for BRP (TSE:DOO) Stock

Key Points

• Scotiabank has raised its target price for BRP (TSE:DOO) from C$98.00 to C$102.00, indicating a potential upside of 7.55% based on the stock's current price.
• The company's stock has received multiple upgrades, with CIBC and TD Securities both increasing their target prices to C$100.00 and C$107.00 respectively, highlighting a shift in analyst sentiment towards a more positive outlook.
• BRP shares rose by 6.1% on the trading day, reaching C$94.84, while having a 52-week high of C$95.15 and a market capitalization of C$6.94 billion.

BRP (TSE:DOO - Get Free Report) had its target price raised by investment analysts at Scotiabank from C$98.00 to C$102.00 in a report released on Tuesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's target price points to a potential upside of 7.55% from the company's current price.

DOO has been the topic of several other reports. Cibc World Mkts upgraded BRP from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 1st. TD Securities boosted their target price on shares of BRP from C$87.00 to C$107.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. National Bankshares lifted their price target on shares of BRP from C$83.00 to C$101.00 and gave the company a "sector perform" rating in a report on Tuesday, September 2nd. CIBC raised BRP from a "neutral" rating to an "outperform" rating and increased their target price for the stock from C$66.00 to C$100.00 in a research report on Tuesday, September 2nd. Finally, BMO Capital Markets upped their price target on BRP from C$75.00 to C$105.00 in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$94.00.

BRP Trading Up 6.1%

Shares of DOO stock traded up C$5.45 during mid-day trading on Tuesday, hitting C$94.84. 167,932 shares of the company's stock were exchanged, compared to its average volume of 192,760. BRP has a fifty-two week low of C$43.88 and a fifty-two week high of C$95.15. The stock has a 50-day simple moving average of C$84.45 and a two-hundred day simple moving average of C$67.36. The company has a quick ratio of 0.20, a current ratio of 1.37 and a debt-to-equity ratio of 573.79. The stock has a market cap of C$6.94 billion, a price-to-earnings ratio of -189.68, a PEG ratio of 2.05 and a beta of 1.12.

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.

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