BRP Inc. downgraded to Neutral from Buy at Citi

Citi analyst James Hardiman downgraded BRP Inc. (DOOO) to Neutral from Buy with a price target of C$70, down from C$90. The firm says that while there has been a great deal of discussion surrounding the potential for tariffs during a second Trump administration, the powersports companies with significant exposure to China and especially Mexico have done little “to soften what could now be a devastating blow.” The impending tariffs could send BRP’s profits “far into the red in the absence of meaningful price increases, exclusions, or geographic restructuring,” the analyst tells investors in a research note. Citi downgrades BRP, believing the “burden of proof in the new reality (whatever that looks like) falls squarely” on the company.