- Cowen pushes Callaway Golf (ELY +15.8%) to an Outperform rating on a valuation call after having it limed up at Market Perform.
- "We estimate the current market cap of $828MM and enterprise value of $1.1B assigns too little value to the company's core golf business. On our FY21 estimates, which assume more normalized demand off our lowered FY20 estimates, we model ELY to return to $0.89 in EPS vs. $0.43 in FY20 and $1.10 in FY19."
- Cowen's price target of $11 reps another 34% upside for shares even after today's rally.