Acushnet Holdings Corp. FORE! Mgmt Access & Recent Fieldwork = Beat & Raise Setup; Placing on Positive Catalyst Watch

研报英文原文证据摘录

Acushnet Holdings Corp. FORE! Mgmt Access & Recent Fieldwork = Beat & Raise Setup; Placing on Positive Catalyst Watch

J P M O R G A N North America Equity Research

26 June 2026

Acushnet Holdings Corp. Neutral

GOLF, GOLF US

FORE! Mgmt Access & Recent Fieldwork = Beat & Price (25 Jun 26):$113.20

Raise Setup; Placing on Positive Catalyst Watch ▲Price Target (Dec-27):$118.00 Prior (Dec-26):$96.00

Following our recent management access and fieldwork, we thought value-add to

share key takeaways & model implications. Specifically, we are raising our 2Q & Retailing – Department Stores &

Specialty Softlines2H26 constant-currency revenue growth forecasts above Consensus, equating to

+5.5% FY26 c/c revenue growth (or ~100bps above Consensus +4.4% & the high- Matthew R. Boss, CPA AC

end of mgmt’s 2.5-4.5% c/c revenue growth outlook), supported by Golf (1-212) 622-2630

matthew.boss@jpmorgan.com

Equipment upside (both Clubs & Balls, and underpinned by both volume & pricing

strength). Recall, we upgraded GOLF post the PGA show in late January (see our Amanda K. Douglas

(1-212) 622 0316

1/23 Return To “The Glory Days”; PGA Show & Access Takeaways; Upgrade to amanda.douglas@jpmorgan.com

Neutral) flagging incremental upside opportunity to Golf Equipment revenues

Brady T Arnette, CFA

supported by the pass-through of price, favorable weather lap YOY in the early (1-212) 622-0046

Spring/Summer season (= 2Q rounds played catalyst), and the stabilization at brady.arnette@jpmorgan.com

FootJoy/Korea inventories. Lucas Hudson

(1-212) 622-0273

4 Key Points From Our Work: lucas.hudson@jpmchase.com

Taya Lindner

#1: Raising 2Q C/C Revenue Growth > Consensus: We are raising our 2Q (1-212) 622-9424

revenue growth to +11.8% c/c above Consensus at +10.3% with our recent taya.lindner@jpmorgan.com