Fly News Breaks for October 23, 2019
Oct 23, 2019 | 09:55 EDT
As previously reported, Morgan Stanley analyst Kimberly Greenberger downgraded Acushnet Holdings to Equal Weight from Overweight with an unchanged price target of $27. The stock has had an "impressive" year-to-date advance of 35.6% and now trades at the top end of its historical Enterprise Value to EBITDA range, said Greenberger, who sees no near-term catalysts to push the stock even higher. However, she still has a favorable view of Acushnet's long-term prospects given Titleist's "dominant" position in the premium golf category and her view that the company's management team is "best-in-class."
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