UPDATE: Imperial Capital Upgrades Callaway Golf Company On Multiple Positive Factors

In a report published Monday, Imperial Capital analyst John O'Neil upgraded the rating on

from In-Line to Outperform, and raised the price target from $8.00 to $12.00. In the report, Imperial Capital noted, "We are upgrading our rating on ELY shares to Outperform from In-Line and increasing our one-year price target to $12 from $8. Our price target represents potential upside of 40% from the recent closing price. Part of the increase in our price target is attributed a higher level of conviction on fundamentals and earnings following a group meeting with company management, which we attended on 3/5/15, and part to a higher valuation for the company's TopGolf stake." Callaway Golf Company closed on Friday at $8.58.