Raymond James downgraded Brunswick to Market Perform from Outperform without a price target. The stock’s valuation looks fair after the recent rally given near-term headwinds, the analyst tells investors in a research note. Since an initial COVID-driven spike in demand in 2020 and early 2021, sales of new powerboats in the U.S. have been in steady decline, says the firm. Further, the industry was aggressively restocking inventory well into last spring in anticipation of stronger demand which simply didn’t materialize, and as a result it now faces challenging compares, adds Raymond James.
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