Jefferies reiterated a Buy rating and $16.00 price target on Callaway Golf (NYSE: ELY) following the company's 3Q15 earnings results. Better than anticipated top-line was a result of an improving golf environment combined with a strong product assortment, which drove significant share gains in 3Q.

Analyst Randal Konik commented, "A strong 3Q featuring better than anticipated top-line & margin gains suggests to us that the turnaround is coming faster than initially anticipated. Going forward, we see a number of positive catalysts providing further upside potential, which keeps us positive on both the stock & the golf industry as a whole. Reiterate Buy, $16 PT."

For an analyst ratings summary and ratings history on Callaway Golf click here. For more ratings news on Callaway Golf click here.

Shares of Callaway Golf closed at $8.94 yesterday.