KeyBanc Starts Acushnet Holdings (GOLF) at Overweight
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KeyBanc initiated coverage on Acushnet Holdings (NYSE: GOLF) with an Overweight rating and a price target of $23.
"We are initiating coverage on GOLF with an Overweight rating ($23 price target), reflective of estimates that we believe to be slightly conservative around easy weather compares and retailer liquidations. Further, we believe a stabilizing industry, GOLF's very strong distribution network as well as its high mix of consumables, which represents a solid source of recurring revenues, bode well for growth in the coming years. Additionally, given its stable earnings/FCF outlook and strong EBITDA margin, we believe the risk/reward is compelling at current levels and supports share price upside," said analyst Scott W. Hamann.
Shares of Acushnet Holdings closed at $19.02 yesterday.
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