If a stock run could be likened to a hot birdie streak, Callaway Golf’s (ELY) near-63% increase in 2018 is certainly that.
Golf icon Tiger Woods, innovative versions of its famous Big Bertha driver and new incarnations of its golf balls have combined to help the company emerge as a market leader.
It all culminated when Callaway recently overtook Titleist parent Acushnet Holdings (GOLF) in market cap heading into 2018’s proverbial back nine.
The company boasts a roster of sponsored pros headed by Phil Mickelson. But it is the comeback of Mickelson’s greatest rival, Woods, that is pulling in fans. That’s helping fuel the stock’s performance.
“Tiger’s comeback is a huge deal because its causing a massive spike in TV ratings,” Jefferies managing director Randal Konik said. “His presence helps people watch a lot more golf on TV, which gets people interested in the sport again. It also gets those fringe…