Instinet Starts Acushnet Holdings (GOLF) at Buy
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Instinet initiates coverage on Acushnet Holdings (NYSE: GOLF) with a Buy rating and a price target of $22.00.
Analyst Simeon Siegel commented, "We expect Acushnet's market dominance to persist and see LSD top-line growth as achievable, given its leading brands and the fact that the majority of its business is generated by high-margin consumable-in-nature golf balls. We believe the R&D and advertising commitment demanded by the sport will insulate GOLF from competition (from both start-ups and large athletic brands). We acknowledge that the headwinds facing golf are unlikely to abate (i.e., ongoing dichotomy between fewer players and courses vs. stabilizing rounds played), and we believe the LT will be measured, but we see NT oppty at current levels. We thus initiate coverage of GOLF with a Buy. FY16E EPS at $1.15; FY17E EPS at $1.15."
Shares of Acushnet Holdings closed at $19.02 yesterday.
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