RBC Capital Cuts BRP's Price Target By ~13%

RBC Capital analyst Joseph Spak lowered the price target for BRP Inc DOO DOOO to C$111 from C$128 while maintaining the Outperform rating on the shares.

The analyst attributed the reduced price target to a lower marking multiple to market.

Spak added that the 1Q23 beat and guide were reiterated, but there does appear to be less cushion in the balance of year guide.

RelatedFlat Sales, Margin Pressure, Supply Chain Constraints - Lots To Look Into BRP's Q1 Results.

The analyst mentioned that the focus now is on the June 14-15 analyst day and new mid-term outlook, which management likely has less visibility than they would like.

However, Spak still believes the analyst day will show a path to higher earnings power.

Price Action: DOO shares are trading lower by 5.27% at C$85.40 on TSX, and DOOO is lower by 3.63% at $69.09 on NASDAQ on the last check Monday.

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