Gilford Securities Reiterates Buy Rating on Callaway Golf
In a report published Monday, Gilford Securities Incorporated reiterated its Buy rating on Callaway Golf (NYSE: ELY).
Gilford noted, “Our Gross Margin % assumptions for the balance of 2012 were still too high and we are adjusting our estimate down. CEO Brewer has made it clear that they will burn out inventories in order to set the stage for 2013...Despite the headlines, European revenues were actually up 1% during the quarter despite a very weak Euro during the quarter. This was very encouraging.”
Callaway Golf closed on Friday at $5.55.
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