- Callaway Golf (ELY +7.8%) rips to a YTD high after posting a solid Q2 earnings beat and a 23% Y/Y rise in revenues as well as news of a $100M stock buyback plan.
- The company also raised its adjusted EPS guidance to $1.03-$1.09 from a previous range of $0.96-$1.06.
- KeyBanc, which has an Overweight rating and a $23 price target on the shares, says the results came in solidly above heightened expectations of late, citing encouraging performance from the recently acquired Jack Wolfskin, which contributed $48M in revenues.
- The domestic golf industry is showing "strong, early momentum into significantly easier compares" for H2 2019, KeyBanc analyst Brett Andress writes; combined with ELY's H2-loaded cadence and international outperformance, this should point to upside to the company's expectations.
Callaway Golf rises as Q2 results outpace heightened expectations
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| Symbol | Last Price | % Chg |
|---|---|---|
| MODG | - | - |
| Topgolf Callaway Brands Corp. | ||