UDPATE: Wedbush Raises PT on Brunswick to $31
Wedbush Securities has published a research report on Brunswick Corporation (NYSE: BC) and has raised the price target from $26 to $31 as the company is seeing improved outlook for fiberglass boats.
In the report, Wedbush writes, "At the annual Miami boat show, North America's largest industry event, Brunswick management noted a slightly improved marine market outlook since the company's Q4 earnings call in January. Citing encouraging feedback from early season boat shows, management now indicates larger fiberglass boats (69% of Boat segment sales) may be flat in 2012, as opposed to an earlier outlook for slight declines vs. 2011. Management continues to maintain a 2012 outlook for mid-single-digit growth in aluminum boats (31% of Boat segment sales). Therefore, the total marine market may indeed see positive low-single-digit growth in 2012, an improvement over flat overall trends seen in 2011."
Wedbush maintains its Outperform rating on Brunswick, which is currently trading down $0.07 from yesterday's $24.43 closing price.
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