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In a report published Friday, D.A. Davidson & Co. analyst Andrew Burns upgraded the rating on
Callaway Golf Co.ELY from Neutral to Buy, and raised the price target from $7.50 to $11.00.
In the report, D.A. Davidson & Co. noted, “ELY reported revenue and adjusted pro-forma EPS of $178.2 million and $(0.18) compared to consensus of $152.1 million and $(0.28) and our estimates of $156.9 million and $(0.26). Revenue from continuing businesses grew 38% on a constant currency basis and sales grew 21% on a GAAP basis. Woods revenue grew 82% year-over-year (y/y), irons increased 27%, and putters grew 30%. Gross margin improved 1287bp y/y to 33.9% on greater full priced selling. Operating expenses declined 4.0% y/y to $75.6 million, coming in slightly below our $76.3 million estimate. Inventory grew 1.0% y/y.”
Callaway Golf Co. closed on Thursday at $7.26.
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