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Fly News Breaks for April 26, 2019
BC
Apr 26, 2019 | 06:57 EDT
Wells Fargo analyst Timothy Conder recommends buying shares of Brunswick "aggressively" following yesterday's 11% post-earnings selloff. Management's more cautious Marine sales outlook is largely based in weather delayed early season retail sales of aluminum boats and related engines, Conder tells investors in a research note. Brunswick's aluminum boats have higher exposure to the weather impacted Midwest and northern tier states, the analyst points out. He believes that as weather improves during the "critical" Q2, these "sales will rebound." At present share levels, Brunswick offers the Marine business for 9 times 2020 estimates "with a free Fitness call option," Conder contends. He has an Outperform rating on Brunswick with a $64 price target.
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