Wedbush Maintains Outperform Rating On Callaway Golf Company

According to Wedbush, Callaway Golf Company (NYSE: ELY) Outperform rating is maintained.

Wedbush said that it believes the $6.12 in tangible book value/share offers ELY investors considerable downside protection. “Despite this year's challenges from the tsunami, with improving industry conditions elsewhere and expected 2012 cost savings from shifting production to Mexico, we believe shares of ELY should trade at an EV/2012E EBITDA multiple of 8.5x, relatively in line with the peer group average, thus generating our PT of $9.”

Callaway Golf Company closed yesterday at $15.76.