Courtesy of Benzinga.
FBR analyst Susan Anderson initiated coverage on shares of Callaway Golf Co (NYSE: ELY) Thursday morning. She set a new Outperform rating and $12 price target on the stock.
“With the consumer spending more on leisure activities and less at the mall, we believe ELY is well positioned to benefit through a better golf market and its Topgolf stake,” according to Anderson.
The FBR analyst highlighted three points to drive shares higher over the next few years:
- “continued market share gains and a highly variable cost structure;
- acquisition opportunity now that ELY has recently retired its debt; and
- its minority stake in Topgolf, which is rapidly growing.”
Callaway Golf shares closed Thursday’s session at $10.21, up about 2.4 percent for the session.
Latest Ratings for ELY
Date | Firm | Action | From | To |
---|---|---|---|---|
Jun 2016 | FBR Capital | Initiates Coverage on | Outperform | |
Jun 2016 | Roth Capital | Reinstates | Buy | |
May 2016 | Wunderlich | Upgrades | Hold | Buy |
View More Analyst Ratings for ELY
View the Latest Analyst Ratings
Posted-In: Analyst Color News Price Target Initiation Analyst Ratings