1 Magnificent Dividend Stock Down 30% to Buy on the Dip for 2024

After delivering a total return of over 140% in the last five years, it may seem unlikely that Bombardier Recreational Products (NASDAQ: DOOO) would make for an excellent "buy on the dip" candidate. However, that appears to be the case for the Canadian powersports company.

As the Pepsi to Polaris's Coca-Cola in the powersports industry, Bombardier is home to the popular Ski-Doo and Sea-Doo brands its ticker gives a nod to -- among many more brands such as Can-Am, Lynx, and Alumacraft. Whereas Polaris is the top dog in off-road vehicles in the U.S. and the No. 2 player in snowmobiles, Bombardier is the leader in snowmobiles and No. 2 name in the off-road niche.

Thanks to these leadership positions, I've already discussed why Polaris is a promising buy at its current once-in-a-decade valuations. However, I think its slightly more snow-focused competitor also looks like a steal at today's prices as we head into 2024.

Continue reading

Source Fool.com