DA Davidson analyst Brandon Rolle downgraded BRP Inc. to Neutral from Buy with a price target of $111, down from $125. The firm’s most recent ORV, or Off-Road vehicles, checks revealed weaker than expected CanAm retail trends, dealer inventories approaching normalized levels and feedback from dealers suggesting that its ORV market share gains may not be as pronounced for CanAm moving forward, the analyst tells investors in a research note. While BRP offers "one of the best management teams", the ORV checks suggest that market share dynamics may be changing and limit upside to its FY24 guidance, DA Davidson added.
Published first on TheFly
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