of about $100. Shares of the company, which produces ATVs and Sea-Doo snowmobiles and jet skis, have dropped 8.7% this quarter, and are down more than 1% so far this year. Hardiman also opened a pair trade due to the sizeable valuation premium accorded to auto manufacturer competitor Polaris , saying "we would not only expect BRP to outgrow Polaris going forward, but we would also expect this valuation delta to close over time.
"We are significantly more comfortable with DOO's inventory strategy, as the company continues to chase demand, as opposed to a much more aggressive stance taken by Polaris, who appears to be punting the $750M replenishment headwind into 2024," Hardiman said in a note.
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