Callaway Golf (ELY) PT Raised to $30 at Raymond James

Raymond James analyst Joseph Altobello raised the price target on Callaway Golf (NYSE: ELY) to $30.00 (from $22.00) while maintaining an Outperform rating.

The analyst commented, "We are maintaining our Outperform rating and raising our target price on the shares of Callaway Golf ahead of completion of its merger with Topgolf. Importantly, we believe the combination is highly complementary and provides a decade of growth opportunities that are not yet fully reflected in the stock, to go along with a resurgence in ELY’s golf equipment business."

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