Brunswick price target raised to $96 from $95 at Citi

Citi raised the firm’s price target on Brunswick to $96 from $95 and keeps a Buy rating on the shares. Despite initial guidance that was significantly short of sell-side estimates, the shares were up nearly 5% in Thursday trading, the analyst tells investors in a research note. The firm believes investors “are warming up” to the Brunswick story and see it as a compelling early-cycle story, but have been hesitant to own the stock ahead of another major cut to numbers. Citi interprets the 2024 guidance as reasonable with more potential for upside to numbers than downside, and sees significant earnings and multiple upside in 2025 and beyond for the company.