) to maintain from buy.
Analyst Tim Conder says the downgrade is based on lower guidance, and the likelihood that shares will be dead money with downward near-term bias until the fall. However, he notes retail inventories remain in good shape, with the key to the balance of the season being sales in the upper Midwest and Northeast where the golf season is just getting into full swing. He looks to lower the 2002 EPS estimate to the $1.40-$1.50 range. The wild card for the balance of 2001 and 2002 will be the level of ball revenues.