Stifel Reiterates Buy on Brunswick (BC) Ahead of 3Q Report
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Stifel reiterated a Buy rating and $60.00 price target on Brunswick Corp (NYSE: BC) ahead of the company's 3Q earnings report. Stifel estimates adjusted EPS will be $0.91, on revenue of $1.108 billion. Stifel also expects continued momentum for OB engines + contributions from P&A acquisitions.
Analyst Drew Crum commented, "Brunswick Corporation is scheduled to report 3Q results on October 27. Our estimates include EPS of $0.91 (vs. $0.77) on revenue of $1.108 billion (+12%), which positions us generally in line with consensus. We expect continued momentum for OB engines + contributions from P&A acquisitions, a positive U.S. boat sales comp, and the addition of Cybex, to drive top-line increases across all segments, while investment spending/acquisition-related costs/FX should moderate and yield a slight uptick for profit growth (vs. 1H16). We are NOT anticipating any material adjustments to 2016 guidance with this report, and our estimates are largely unchanged. We recently added BC to the Stifel Select List, and with the shares trading at 12.1x our 2017 adj. EPS estimate, valuations are reasonable relative to forecasted growth (mid/high teens), in our opinion. We continue to recommend purchase."
Shares of Brunswick Corp closed at $48.46 yesterday.
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