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.

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