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A series of factors, including Tiger Woods' return to golf prominence, will lift shares of club maker Callaway Golf, an analyst at J.P. Morgan predicted Thursday.
Analyst Steven Zaccone said in a note that Callaway's management team sees the golf market improving on a "multi-year basis" amid "rising interest in the game (i.e. higher PGA Tour viewership with Tiger's return carrying into 2019)."
Zaccone hiked his price target on Callaway shares to $27 from $25, implying a 14 percent upside from Wednesday's close of $23.69. The stock traded around $24.30, up 2.5 percent.
Woods — who is sponsored by Callaway rival Taylormade — notched his first PGA Tour win in five years on Sunday. The golf legend had not won a PGA Tour event since 2013 as injuries and problems in his personal life took a toll on his game.
His win led to a surge in viewership. Sunday's final round was the highest-rated televised event of the Tour this year, excluding major tournaments. The event's overnight rating hit 5.21, a 206 percent year-over-year increase.
J.P. Morgan's Zaccone said interest in golf should also increase "with the proliferation of off-course activities, such as Topgolf and indoor screen golf," which expand "the game's demographic reach."
Zaccone added higher average selling prices and a healthy consumer backdrop should also lift Callaway shares as the company builds on its "sustainable competitive advantages."
"Callaway is the market leader in hard goods (clubs + balls) with 26% market share in the US as of July, up from 14% in 2012 … but management still sees opportunity for incremental share gains across the entire portfolio," Zaccone noted.