Brunswick hits over 3-mth low after JPM downgrades to 'neutral', cuts PT to Street-low

Brunswick

11/09/2023 15:32

(Updates)
    ** Shares of recreational marine products maker Brunswick
 BC.N  fall as much as 2.5% to $74.45, hitting its lowest levels
since May 31, after J.P.Morgan downgrades stock to "neutral"
from "overweight"
    ** JPM cuts co's PT to $79 from $109, the lowest among
sixteen analysts' covering the stock, as per LSEG data
    ** Brokerage expects flattish retail boat demand in FY24
    ** Says it is cautious due to high interest rates impacting 
consumer demand and sentiment of marine dealers with continued
recessionary risk in the near term 
    ** BC up ~54% YTD
    
    

 (Reporting by Siddarth S in Bengaluru)
 ((Siddarth.s@thomsonreuters.com;))