Wedbush Securities Reiterates Outperform Rating, $31 PT on Brunswick Corporation
In a report published Friday, Wedbush Securities reiterated its Outperform rating and $31.00 price target on Brunswick Corporation (NYSE: BC).
Wedbush Securities noted, “Upcoming major boat industry trade shows could act as positive catalysts for shares of BC, as they likely help reinforce investor conviction behind the U.S. boat market recovery. Over the next 7-8 weeks, the U.S. recreational boat industry will see some of the largest annual trade shows take place, including the Miami Boat Show (Feb. 14-17) and New York Boat Show (Jan. 3-6). With 2012 total new U.S. boat units sold estimated in the 155-160k range, the industry is only running about half normal historical levels, as demand from 1991-2007 generally averaged 300k units annually. Therefore, a return to more normalized industry demand would imply the industry roughly doubles output from current levels. Even despite fiscal cliff concerns, boat dealers we have spoken with in recent channel checks continue to be optimistic about continued market recovery in 2013, given rebounding consumer confidence and real estate prices in recent months.”
Brunswick Corporation closed on Thursday at $27.45.
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