Brunswick Corp (BC) PT Raised to $120 at Jefferies as High HP Competitive Advantage Boosted by Reopening
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Jefferies analyst Anna Glaessgen raised the price target on Brunswick Corp (NYSE: BC) to $120.00 (from $115.00) after an analysis of web search trends shows that high horsepower models are top-of-mind as consumers conduct research on outboards. The data points to BC's recent launch of a 600- hp V12 engine (vs. the closest peer at 425-hp) catalyzing a sustained lift in search interest, widening the gap between Mercury and its nearest competitor.
The analyst reiterated a Buy rating, stating "Since 2008, BC has invested ~$1.5B in outboard engines (incl. design, R&D, capex, capacity), positioning itself as a strong share gainer as the category benefits from the shift in marine propulsion toward higher horsepower outboards (see chart 3). With the recent launch of the Mercury V12 600-hp Verado (unveiled Feb. 11), BC puts further distance between itself and its closest peer (which maxes out at 425-hp). Importantly, in addition to a lack of competitive offerings at this tier, this innovation bears fruit in a widened competitive moat around the future installed base".
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