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Fly News Breaks for May 9, 2019
GOLF
May 9, 2019 | 08:02 EDT
As previously reported, Roth Capital analyst Dave King upgraded Acushnet Holdings to Buy from Neutral to reflect the improving outlook as well as the company's high margins, "strong" free cash flow, and 2.2% dividend yield. While results missed on lower revenue and gross margin due to fewer than expected club introductions, the analyst notes that Acushnet reported its strongest ball growth in several years following its latest ProV1 launch. King believes this should help to support near-term sell-through, while upcoming putters and irons launches should help to drive growth in clubs and a recovery in gross margin. He also raised his price target on the shares to $28 from $27.
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