GOLF - Mgmt. meeting suggests healthy trends; stock oversold despite unchanged FY26 guide. PT to $97 from $95

研报英文原文证据摘录

GOLF - Mgmt. meeting suggests healthy trends; stock oversold despite unchanged FY26 guide. PT to $97 from $95

Truist Securities

Equity Research Report May 19, 2026

CONSUMER: Leisure Products Acushnet Holdings Corp. (GOLF)

GOLF - Mgmt. meeting suggests healthy trends; stock oversoldGregory J. Miller

212-303-4198 despite unchanged FY26 guide. PT to $97 from $95

Gregory.J.Miller@truist.com

C. Patrick Scholes Last week, we held an investor meeting with GOLF management and visited a ball plant.

212-319-3915 With a "recession resilient" player base and several company self-help efforts, we came

Patrick.Scholes@truist.com away incrementally positive post-visit. We also believe Acushnet oversold post-1Q earnings

on an unchanged FY guide despite the company historically not updating FY guidance at

Davis Holcombe 1Q earnings.

404-926-5091

Davis.Holcombe@truist.com Our 2026 Adjusted EBITDA estimate goes to $433M from $429M and EPS to $3.79 from

$3.76. Our 2027 Adjusted EBITDA estimate goes to $461M from $462M and EPS to $4.17

from $4.12. Our price target goes to $97 from $95. Our target is based on our EBITDASamuel Durno multiple of 14.0x (unchanged) on our 2027 EBITDA estimate. 212-303-4183

Samuel.Durno@truist.com

We came away incrementally encouraged by the prospects for Acushnet both for

2026 earnings and particularly in 2027+. We see opportunities both at the top-line and

Stock Rating HOLD profitability, led by one-time factors (e.g. possible tariff refunds) and going forward (revised club launch strategy/timing for both GOLF and peers). Balls had a strong 1Q in a non-Pro Unchanged

V1 year. That said, there are reasonable investor concerns on the macro -- this topic led

Price Target $97.00 investor questions to management, discussed below. Net of an unexpected hit to spend