Imperial Capital Reiterates Outperform on Callaway Golf (ELY)
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Imperial Capital reiterated an Outperform rating and $14.00 price target on Callaway Golf (NYSE: ELY). 2017 estimates have potential to move higher if ELY launches products according to its planned two-year new product cycle.
Analyst George Kelly commented, "We are maintaining our Outperform rating on ELY shares and maintaining our one-year price target of $14, about 15% above the recent share price. ELY has performed well recently and taken share in a golf market that appears to have bottomed. We believe continued retail/pricing stability and a strong 2017 product launch schedule will drive accelerated organic growth in 2017 and 2018. Additionally, we look for Topgolf to continue adding more domestic and international locations."
Shares of Callaway Golf closed at $12.29 yesterday.
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