BRP Inc. downgraded to Hold from Buy at Canaccord

Canaccord downgraded BRP Inc. (DOO) to Hold from Buy with a price target of C$90, down from C$118. The company suspended its fiscal 2027 guidance, which was issued March 26, following the recent amendment to Section 232 tariffs on steel, aluminum, and copper imports into the U.S., the analyst tells investors in a research note. The firm says the amendment imposes a 25% tariff on the total customs value of imported snowmobiles and the majority of off-road vehicle models. Canaccord says the uncertainty introduced by revised Section 232 tariffs suggests investors are unlikely to reward BRP shares with a higher multiple in the near term.