Callaway Golf (ELY): Toulon Design Acquisition Is A Good Move - Jefferies

August 30, 2016 7:28 AM EDT
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Price: $11.68 -2.5%

Rating Summary:
    10 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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

For an analyst ratings summary and ratings history on Callaway Golf click here. For more ratings news on Callaway Golf click here.

Shares of Callaway Golf closed at $11.46 yesterday.

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