Callaway (ELY) Indicated Higher as Wedbush Adds to 'Best Ideas List'
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Shares of Callaway Golf (NYSE: ELY) are indicated higher in the pre-market session following a bullish research note from an analyst at Wedbush this morning. Closing at $7.07 yesterday, the bid is currently at $7.16, while the ask is at $7.98.
Reiterating an Outperform rating and $10 price target, Wedbush added shares of Callaway to its "Best Ideas List". Citing "new product launches, an end to retailer inventory destocking, and positive fluctuations in foreign currency", the firm sees a meaningful rebound in fundamentals next year. Wedbush also noted recent positive early feeback from channel checks, suggesting that the company could be poised to gain market share in 2010. The firm said retailers have indicated that potential hit products could include: two new top-of-the-line drives, FT-iZ and FT Tour; two new premium ball models, the Tour i(s) and i(z) balls; and new premium putters.
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs and golf balls in the United States and internationally.
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