Roth Capital analyst Dave King believes activist Jana Partners is more likely to pursue divestitures as opposed to an outright sale of Callaway Golf. The company appears undervalued based on a sum-of-the-parts analysis, Kang tells investors in a research after Jana disclosed a stake. He estimates the value of Topgolf at $2.90-plus per share and also believes investors would likely view a Jack Wolfskin sale positively. King values Callaway's core golf business, including TravisMathew and Ogio, at around $18.00 per share. To reflect increased potential for asset divestitures given the new activist stake, the analyst raised his price target for Callaway Golf shares to $19 from $17. However, he keeps a Neutral rating on the name. The stock in afternoon trading is up 15% to $18.32.