The Globe and Mail reports in its Friday edition that Citi analyst James Hardiman admits he was "very much surprised" by BRP's significant reduction to fiscal 2025 financial guidance, which caused its shares to plummet 11.8 per cent on Thursday. The Globe's David Leeder writes that Mr. Hardiman was one of several equity analysts on the Street to cut their forecasts and target prices for BRP. Even still, Mr. Hardiman sees a 20-per-cent upside to his revised $100 share target. He continues to rate BRP "buy." The Globe says Mr. Hardiman now sees "significantly less inventory risk, multiple compression risk, and earnings revision risk to BRP numbers relative to most of our other power sports names." Mr. Hardiman says in a note: "While we hesitate to ever use the term 'worst case scenario,' BRP's outlook is far and away the most conservative of any of the leisure companies that we follow. This is somewhat surprising given what appears to be just two months of weak retail data as we make our way into the off season. While investors seem to generally favor companies expressing a conservative outlook in the current environment and doing what they can to derisk 2024, the magnitude of the cut is somewhat alarming."