Shares of BRP (TSE: DOO) received a significant upgrade from National Bank Canada, moving from a hold rating to a strong-buy rating, according to a research report released on October 14, 2023. This positive shift reflects growing confidence in the company’s performance and market position.
Several other financial analysts have also recently evaluated BRP, indicating a strong outlook for the stock. Loop Capital, for instance, issued a strong-buy rating on the same day. Prior to that, TD Securities raised its target price for BRP from C$87.00 to C$107.00, assigning a buy rating in its report dated September 2, 2023.
Canaccord Genuity Group followed suit, increasing its price target from C$108.00 to C$116.00 while maintaining a buy recommendation on October 10, 2023. On the same date, Stifel Nicolaus boosted its price target from C$97.00 to C$106.00 and affirmed a buy rating. Additionally, Royal Bank of Canada elevated its price objective for BRP from C$100.00 to C$107.00, labeling the stock as outperform on October 16, 2023.
As a result of these upgrades, BRP has garnered notable analyst attention. Currently, four analysts have rated the stock as a strong buy, nine have issued buy ratings, and two maintain a hold rating. According to MarketBeat, BRP holds a consensus rating of “buy” with a target price averaging C$109.08.
BRP’s Dividend Announcement
In tandem with these upgrades, BRP announced a quarterly dividend of $0.215 per share, which was paid to investors on October 14, 2023. This dividend translates to an annualized payout of $0.86, yielding approximately 0.8%. The ex-dividend date was September 29, 2023. Notably, BRP’s current dividend payout ratio stands at -170.00%, which indicates the company is reinvesting significantly back into its operations.
About BRP
BRP designs, develops, manufactures, distributes, and markets a range of recreational vehicles, including snowmobiles, all-terrain vehicles, and personal watercraft under the well-known brand names such as Ski-Doo, Sea-Doo, Can-Am, and Lynx. The company also produces engines under the Rotax brand after discontinuing the Evinrude outboard engine line in 2020. In addition to vehicles, BRP offers clothing, parts, and accessories tailored to its core consumer base.
With these recent upgrades and developments, BRP continues to position itself as a strong player in the recreational vehicle market, drawing attention from various analysts and investors alike.
