Upgrades: ELY, KBH, TOL Friday, September 18, 12:25 PM ET
This morning, Wedbush Morgan raised its rating on Callaway Golf (NYSE:ELY) from Neutral to Outperform following a recent survey of golf retailers. The survey showed retailers were most excited about Callaway's 2010 models and analysts at the firm believe the company will begin taking market share from competitors. With the upgrade, the firm raised its price target from $7 per share up to $10, and raised 2010 EPS estimates from thirty one cents per share up to forty two.
Shares of Callaway were on the rise Friday morning, gaining more than eight percent.
And after the home builder sentiment index rose for the third straight month, JP Morgan issued a bullish report on home building stocks. The firm raised its rating on KB Homes (NYSE:KBH) and Toll Brothers (NYSE:TOL) from Neutral to Overweight and set higher price targets of $25.50 and $29 per share, respectively.
In morning trading, shares of KB Homes were showing modest gains of about one percent, while Toll Brothers shares gained more than two and a half percent.
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