Callaway Golf (ELY): Toulon Design Acquisition Is A Good Move - Jefferies
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Jefferies analyst, Randal Konik, reiterated his Buy rating on shares of Callaway Golf (NYSE: ELY) after the company announced the acquisition of Toulon Design. The analyst believes that besides the product, ELY adds a renowned executive to its roster. The acquisition should "further cement the leadership of the Odyssey brand in the putter category, and it provides an opportunity to build a separate namesake super premium putter business with Toulon Design".
Along with already strong equipment market shares across all club categories, a strongly growing ball business, and Topgolf stake, the analyst sees ELY as very attractive.price target of $14.00
Shares of Callaway Golf closed at $11.46 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Mergers and Acquisitions
Related EntitiesJefferies & Co, Definitive Agreement, Randal Konik
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