UPDATE: BMO Capital Markets Upgrades Brunswick to Outperform on Marine Industry Outlook
BMO Capital Markets raised its rating on Brunswick (NYSE: BC) from Market Perform to Outperform and increased its price target from $25 to $36.
BMO Capital Markets said, "We believe the US marine industry is in the early stages of improvement and that BC is well positioned to take advantage. Given our updated views on the boat industry, we now have more confidence that BC is entering a cycle of expanding EPS. Reasons for optimism include rebounding US home prices, a boat replacement cycle appears to be kicking in, steady improvement in boat show attendance, and a robust cycle of product innovation. We also believe the replacement of lost boats owing to Hurricane Sandy could be a catalyst for the entire industry."
Brunswick closed at $29.09 on Monday.
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