Deutsche Bank Starts Acushnet Holdings (GOLF) at Hold
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Deutsche Bank initiated coverage on Acushnet Holdings (NYSE: GOLF) with a Hold rating and a price target of $20.
Analyst Bill Schmitz said, "With its premium Titleist and FootJoy brands, disproportionate concentration of higher margin premium golf balls under the V1 subbrand and industry leading professional endorsements, company should continue to grow market share in the $8 billion global golf equipment and apparel industry. However, sales growth is highly contingent on recovery in golf participation and rounds played and we believe it is too soon to call the bottom here outside favorable weather trends. Initiating coverage with a Hold on belief valuation is largely fair, $20 price target."
Shares of Acushnet Holdings closed at $19.02 yesterday.
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