Currency Drives ELY’s Q4 Upside
Analysts at FTN Equity Capital Markets maintain their "neutral" rating on Callaway Golf (NYSE: ELY).
According to FTN Equity Capital Markets, Callaway Golf reported its 4Q09 results ahead of the estimates, driven by positive currency effects. Callaway Golf has issued its 2010 guidance in-line with the consensus and the estimates.
“For 2010, we believe Callaway Golf’s guidance is reasonable assuming a stable or improving economy. Although we would need to see evidence of further market share gains to get more excited about the potential upside in the shares, we believe management has certainly made the right moves in what has been an extremely difficult environment for highly-discretionary products,” FTN Equity Capital Markets adds.
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