B. Riley FBR analyst Susan Anderson reiterates a Buy rating on Callaway Golf with a $30 price target following this morning's announced acquisition of Jack Wolfskin for $476M. The stock in afternoon trading is down 13%, or $2.46, to $16.45. The transaction is expected to be dilutive in the first year, before becoming earnings accretive in year two, Anderson tells investors in a research note. The analyst believes Callaway's distribution capabilities and wholesale partnerships present "strong synergy opportunities" as Jack Wolfskin's business is integrated and expanded. The transaction fits within Callaway's recent acquisition history as it pushes into further apparel/ equipment opportunities within the active lifestyle space, says Anderson. She sees the company benefiting from the diversity offered by its broader portfolio.