Analyst: Brunswick recovery will be slower
Shares of Brunswick Corp. fell Wednesday after an analyst cut his rating on the boatbuilder, saying the pace of the company's recovery will be slower than expected.
Standard & Poor's analyst Erik Kolb downgraded Brunswick stock to "hold" from "buy" in a note to investors, Bloomberg Business Week reports.
"We believe the pace of Brunswick's recovery will be a notch lower than we previously expected, as consumers remain concerned about high unemployment and other macro trends," Kolb said.
Brunswick's shares closed Wednesday at $15.66, down from an opening of $16. Shares opened Thursday at $15.81 and were climbing in early monring trading.
