UPDATE: UBS Starts Acushnet Holdings (GOLF) at Buy
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(Updated - November 22, 2016 8:29 AM EST)
UBS initiated coverage on Acushnet Holdings (NYSE: GOLF) with a Buy rating and a price target of $22.
Analyst Michael Binetti said, "Acushnet (GOLF) has #1 market share in golf balls, shoes, and gloves between its iconic Titleist & FootJoy brands. While the golf industry has had a volatile growth trajectory in recent years, GOLF over-indexes to the most enviable parts of the ecosystem: 1) aspirational consumers ("Dedicated Golfers"), and 2) dominant share in the most profitable categories. GOLF focuses on dedicated golfers (who represent just 15% of players, but 70% of total golf spend)—who are heavily influenced by pro players. With pros validating its brands (62% of balls used on pro tours are Titleist Pro V1, 5x higher than the #2 ball) GOLF enjoys industry-leading ASPs & margins in the most profitable categories (49% share & industry-leading pricing in the high-margin golf ball category)."
Shares of Acushnet Holdings closed at $19.02 yesterday.
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