UPDATE: Wunderlich Securities Initiates Coverage on Brunswick Corporation with Buy Rating, $57 PT on Boat Industry Recovery & Rising Market Shares

In a report published Friday, Wunderlich Securities analyst Rommel Dionisio initiated coverage on

with a Buy rating and $57.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Brunswick Corporation (BC) with a Buy rating and price target of $57, which is derived using a 10.5x EV/2015E EBITDA multiple, or a 15% premium to the peer group average, given the relatively early stage of the boat market cyclical recovery. With new boat sales still only about 55% of pre-recession levels, there remains plenty of runway left for recovery. Brunswick is not only well positioned to benefit from such a burgeoning rebound as the industry leader, but is also gaining market share through product innovation as well as dealer attrition among its competitors.” Brunswick Corporation closed on Thursday at $42.26.