KeyBanc transitioned coverage of Brunswick to analyst Noah Zatzkin who rates the stock with an Overweight rating and $100 price target. While boats are not immune to a weak 2023 macro amid soft demand and higher inventories percolating in certain categories, the firm sees a "more likely case for channel rationality" and the stickiness of "structural" COVID-19-accelerated margin improvements for the company, the analyst tells investors in a research note. KeyBanc adds that there is a disconnect in valuation recovery vs. peers for Brunswick.
Published first on TheFly
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