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AG Edwards Cuts Callaway Golf to Sell


AG Edwards downgraded Callaway Golf (ELY) to sell from buy.

Analyst Timothy Conder says he believes shares will be dead money until evidence emerges of: a reversal of wood marketshare losses, stabilization or improving wood margins; improved Top-Flite golf-ball retail inventory levels, retail ball share, and improvement in the Japanese golf market. Also, he thinks Callaway needs continued integration and efficiency savings from the purchase of Top-Flite.

Conder now sees 43 cents 2004 EPS and 75 cents in 2005. He figures the stock has potential downside to $9 to $10 with little basis for upside catalyst until Spring 2005, when sell-through and pricing trends begin to materialize.


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