Callaway Golf upgraded to Buy from Neutral at B. Riley

B. Riley upgraded Callaway Golf (CALY) to Buy from Neutral with a price target of $19, up from $11. The firm sees continued strength in golf fundamentals and potential golf club market share stabilization for Callaway in 2026. With the Topgolf separation passed, B. Riley cites incremental conviction in the outlook for the golf business for the upgrade. It thinks the Quantum woods launch this year will provide a “distinct market share catalyst.”