DA Davidson analyst Andrew Burns downgraded Callaway Golf to Neutral from Buy with a price target unchanged at $19, saying he expects a more balanced risk-reward in 2018 as further market share gains will be difficult to achieve. The analyst contends that while the golf industry is healthy and retail inventories are "lean", inclement weather conditions in April and "compelling" products sold by other top brands should create a more competitive environment. Burns further notes that while Q1 results should be fine in the context of the February guidance, the balance of the year may see a "more muted earnings upside potential".