Brunswick downgraded to Hold from Buy at Jefferies

Jefferies downgraded Brunswick to Hold from Buy with a price target of $70, down from $115 after the company’s Q2 results came in worse-than-feared during the critical peak selling season for the year, resulting in significant fiscal year guidance reductions. The firm believes the boat cycle recovery has been prolonged, calling into question long-term targets set at Brunswick’s investor day, and it moves to the sidelines pending greater visibility.