Texas Capital Securities downgraded Brunswick to Hold from Buy on valuation grounds, while simultaneously raising its price target to $90 from $84. The downgrade triggered a near 2% intraday slide in Brunswick shares on Monday, reflecting investor sensitivity to changes in analyst sentiment despite the higher target. Texas Capital emphasized that its action was driven solely by valuation considerations rather than any deterioration in the company’s operational outlook.

In its research note, Texas Capital reaffirmed revenue and EBITDA projections for fiscal 2026 and 2027 that exceed consensus forecasts by approximately 5% and 7%, respectively. The firm noted that it had already been applying a forward multiple to 2027 EBITDA in constructing its valuation framework, underscoring confidence in a recovery in new‐boat demand eventually benefiting Brunswick’s Marine Propulsion and Boating & Fishing businesses.

Given the stock’s current valuation, Texas Capital indicated it will remain on the sidelines until either Brunswick demonstrates clearer evidence of accelerating unit sales in its recreational marine segments or the shares correct to a more attractive valuation level. The firm highlighted that the revised $90 target reflects an expanded multiple on unchanged 2027 EBITDA estimates rather than updated fundamental assumptions.

Brunswick announced it will release fourth-quarter and full-year 2025 results on January 29, 2026 before markets open, with a conference call at 10 a.m. CT hosted by CEO David M. Foulkes, CFO Ryan M. Gwillim, and Deputy CFO Stephen Weiland. The company will provide a webcast and telephone access (877-900-9524 in North America; 412-902-0029 internationally) 15 minutes before the call. A replay will be available through February 5, 2026 (Access ID: 13757871) via Brunswick.com and designated phone lines.