B. Riley analyst Eric Wold downgraded Brunswick to Neutral from Buy with an unchanged price target of $106. The analyst cites valuation for the downgrade with limited upside to the price target. The stock’s outperformance in 2023 highlights the diversification achieved by Brunswick management in recent years to morph the company from a boat manufacturer to the “arms dealer” for the entire industry, the analyst tells investors in a research note. However, the firm would not be surprised to see some pressure on shares before they resume a move higher.
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