DA Davidson Starts Callaway Golf (ELY) at Neutral; Turnaround Strategy Looks Promising; Execution Will Be the Next Test
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Price: $6.66 +0.76%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ELY Now!
DA Davidson initiates coverage on Callaway Golf (NYSE: ELY) with a Neutral. PT $6.00.
DA analyst says, "Outspent by the competition and weighed down by an over-sized expense structure, Callaway struggled during the economic downturn and subsequent recovery. With a new plan of action and streamlined cost structure in place, 2012 is a potential turnaround year. We see improvement in 2012, but expect it will be a long road ahead to a full recovery."
"We are introducing estimates for 3Q11 revenue and EPS of $170 million and $(0.22). Our 2011 and 2012 estimates are $912 million and $(0.40) and $968 million and $0.08, respectively."
For more ratings news on Callaway Golf click here and for the rating history of Callaway Golf click here.
Shares of Callaway Golf closed at $5.37 yesterday, with a 52 week range of $5.10-$8.48.
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DA analyst says, "Outspent by the competition and weighed down by an over-sized expense structure, Callaway struggled during the economic downturn and subsequent recovery. With a new plan of action and streamlined cost structure in place, 2012 is a potential turnaround year. We see improvement in 2012, but expect it will be a long road ahead to a full recovery."
"We are introducing estimates for 3Q11 revenue and EPS of $170 million and $(0.22). Our 2011 and 2012 estimates are $912 million and $(0.40) and $968 million and $0.08, respectively."
For more ratings news on Callaway Golf click here and for the rating history of Callaway Golf click here.
Shares of Callaway Golf closed at $5.37 yesterday, with a 52 week range of $5.10-$8.48.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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