01:54 PM EDT, 05/14/2024 (MT Newswires) -- National Bank previewed BRP's first quarter results.

Analyst Zachary Evershed is maintaining an Outperform rating and $112 target on BRP shares. "Although we expect the powersports industry slowdown will persist through F2025, we continue to see BRP gaining market share and introducing new products, which will position the company well for an eventual end market rebound."

Evershed believes that the stock was already pricing in a material market slowdown, so the downside for the stock from current levels should be limited with ongoing support from the NCIB likely, in our view.

"While investor sentiment around powersports may remain negative in the short term, we view BRP as a compelling value play for longer-term oriented investors."

Price: 95.72, Change: +1.16, Percent Change: +1.23