Acushnet (GOLF) Stock: $65 Price Target From Roth Capital

By Amit Chowdhry ● Nov 24, 2021
  • The shares of Acushnet Holdings Corp (NYSE: GOLF) have received a $65 price target from Roth Capital. These are the details.

The shares of Acushnet Holdings Corp (NYSE: GOLF) have received a $65 price target from Roth Capital. And Roth Capital analyst George Kelly had increased the price target on Acushnet Holdings from $62 while maintaining a “Buy” rating on the company shares.

Kelly is expecting the company stock to continue drifting higher. And Kelly noted that the company reported strong third quarter results. Plus Kelly sees several tailwinds that should provide stability to the 2022 financials, even if industry conditions cool.

These are the highlights from the quarter:

— Third quarter net sales of $521.6 million, up 8.0% year over year, up 7.0% in constant currency; up 25% compared to 2019

— Year-to-date net sales of $1,727.4 million, up 45.0% year over year, up 40.9% in constant currency; up 31.6% compared to 2019

— Third quarter net income attributable to Acushnet Holdings Corp. of $39.3 million, down $23.9 million year over year; up $9.5 million compared to 2019

— Year-to-date net income attributable to Acushnet Holdings Corp. of $205.3 million, up $130.9 million year over year; up $102.1 million compared to 2019

— Third quarter Adjusted EBITDA of $70.3 million, down 29.1% year over year; up 26.0% compared to 2019

— Year-to-date Adjusted EBITDA of $333.3 million, up 80.1% year over year; up 70.4% compared to 2019

— Share repurchase program authorization increased by $100 million in October

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.