One day after Rocco Mediate made a run for it at the U.S. Open shares of his sponsor, Callaway Golf

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[ELY  Loading...      ()   ] dropped. Should you buy the dip?

KeyBanc analyst Scott Hamann reiterated his Buy rating on Callaway despite Mediate’s second place finish. We were curious to find out why -- so we invited him on the show!

Following is a summary of the main points made by Scott Hamann KeyBanc capital markets vice president and equity research analyst on Fast Money.

I did some proprietary channel checks on this stock and found the sentiment is very negative on Callaway, explains Hamann. Then, I talked with golf equipment distributors and people making sales in the industry and found that sales are not as bad as the market is pricing in.

Also I think it’s important to look at Callaway as a global growth story. This company is going to make more than 50% of total sales next years over seas. And those are more profitable.

Looking forward we have a positive outlook for the summer.

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Trader disclosure: On June 17, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (NUE), (GS), (INTC), (MSFT); Macke Owns (INTC), (MSFT), (ATVI), (WMT); Najarian Owns (AAPL), (BHI), (CHK), (TSO), (XLF), (MYGN),(ENER); Najarian Owns (MS) Puts, (BAC) Puts; Terranova Owns (LUV), (FXC); Terranova Is Long Dec 2008 Crude Oil; Terranova Is Short Dec 2009 Crude Oil

Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)

KeyBanc Capital Markets Expects To Receive Or Intends To Seek Investment Banking Compensation From (ELY) Within Next 3 Mos.

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