Gilford Securities Downgrades ELY From Hold To Sell

Gilford Securities is downgrading shares of Callaway Golf ELY from Hold to Sell.

“Since the introduction of the white woods (White drivers, fairway woods and utility woods) by TaylorMade in early February we have been checking various channels trying to determine the reception at retail,” Gilford Securities writes. “Our fear was that TaylorMade woods might not sell through so well, and if that was the case, there was going to be severe discounting in the market.”

Callaway Golf currently trades at $7.32.