Citibank: BRP Retail Momentum Expected to Strengthen in Q4

Glonghui January 13｜Citi analyst James Hardiman stated in a report that BRP is clearly the winner in the powersports sector for the fourth fiscal quarter. The analyst believes the company will end fiscal year 2025 with strong momentum, largely due to the early popularity of its new side-by-side models. Hardiman’s view is based on Citi’s recent powersports channel checks, data analysis, and conversations with management. Hardiman said, “We believe BRP is ending fiscal year 2025 in the strongest position, gaining market share in a robust off-road vehicle industry, largely thanks to the early popularity of its new Defender model.” He estimates that retail sales in the off-road vehicle industry grew by mid-single digits in the fourth quarter, while BRP’s retail sales have increased by more than 20% so far this quarter.