Callaway (ELY) Turnaround Expected to Take Flight in 2013

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Analysts at Imperial Capital said they think the Callaway (NYSE: ELY) turnaround story will begin to play out in 2013, as it appears well positioned for a returned to profitability. The company's CEO, Chip Brewer, formerly of Adams Gold, will be a key driver in the turnaround.

"A simplified operating model, reduced cost structure, and renewed focus on its core golf club and golf ball business, combined with strong innovation and improved marketing efforts should lead to market share gains in the coming years, in our view," said analyst Lee J. Giordano.

Imperial Capital today reiterated an Outperform rating on Callaway Golf and raised its price target to $8.00 (from $7.00).

For an analyst ratings summary and ratings history on Callaway Golf (NYSE: ELY) click here. For more ratings news on Callaway Golf click here.

Shares of Callaway Golf closed at $6.56 yesterday, with a 52 week range of $5.17-$7.29.

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