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Jefferies thinks golf heavyweight Acushnet is primed for strong gains going forward. The firm upgraded the parent company of golf equipment maker Titleist to buy from hold and raised its price target to $84 from $61 per share. The new forecast implies upside of 54%. Analyst Randal Konik said the company will remain the dominant portfolio in a growing industry, and added that the firm now prefers to “always stick with number one.” “Looking ahead, GOLF is poised to defend its #1 share in golf balls and shoes, and gain share in #3 clubs, particularly metals, through broader appeal; while expanding margins on steady MSD% [mid single-digit] revs,” Konik said. The analyst added that Achushnet also maintains underappreciated growth potential stemming from the company’s customization options for a range of its products including balls, gloves and shoes. “We believe the Street underappreciates the co’s ability to increase penetration in the golf club market and take incremental pricing through superior innovation and customization optionality, which should drive broader aspirational appeal, in our view,” he said. Achushnet shares have climbed 28% year to date. GOLF YTD mountain GOLF in 2023 — CNBC’s Michael Bloom contributed to this report.
Jefferies upgrades this golf stock with more than 50% upside
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