Callaway Golf Co：设备牵引力稳健

研报英文原文证据摘录

M

Update

August 5, 2026 01:22 AM GMT

Morgan Stanley & Co. LLC

Callaway Golf Co | North America

Simeon Gutman, CFA

Equity Analyst

Solid Equipment Traction

Pedro Gil, CFA

Equity Analyst

What’s Changed

Callaway Golf Co (CALY.N)

From

To

Price Target

$17.00

$19.00

Zachary Abraham

Research Associate

Skylar Tennant

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Topline momentum accelerates in spring/summer, as favorable

reception of the ‘Chrome Tour’ and ‘Quantum’ lineup continues,

with price & productivity initiatives driving margin upside.

Product portfolio rationalization in 2H26e & cadence into '27e

still possible headwinds. Stay EW, raise PT to $19.

How do 2Q26 results shape our view? We are EW-rated and raise our PT to $19.00

from $17.00. Risk/reward is asymmetric to the upside with ~42%/~26% upside/

downside to our bull/bear cases and ~0% upside to our PT, per the post-close

market price.

We are increasingly constructive on CALY given (i) robust 2Q26 revenue

momentum, led by exceptional performance in Balls driven by the ‘Chrome Tour’ and

‘Tour Soft’ franchises, alongside continued strength in the Quantum driver platform,

and (ii) a third consecutive quarter of sequential gross margin improvement (+460

bps y/y), supported by favorable pricing and productivity initiatives implemented

Callaway Golf Co (CALY.N, CALY UN)

Leisure | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

In-Line

$19.00

$19.57

$3,720

$20.27-8.01

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

0.20

58.2

(0.17)

0.77

0.62

25.4

0.66

0.88

0.66

22.3

0.79

1.03

0.80

19.1

0.84

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

2026e 2026e

Prior Current

2027e 2027e

Prior Current

Q1

Q2

…