BRP Inc. downgraded to Neutral from Outperformer at CIBC

CIBC downgraded BRP Inc. to Neutral from Outperformer with a price target of C$92, down from C$100. The firm says a second consecutive material reduction to guidance leads to a “much more cautious view” on the company’s recovery in fiscal 2026. The firm now believes there is greater uncertainty in BRP’s pace of recovery. The path and timing of a recovery are “highly uncertain,” and the shares have limited upside until macro conditions improve, the analyst tells investors in a research note.