Callaway Golf shares undervalued-Barron's

NEW YORK, July 10 Sun Jul 10, 2011 12:04pm EDT

NEW YORK, July 10 (Reuters) - Callaway Golf Co's (ELY.N) stock is "as low as it's going to go" and could rise appreciably, Barron's wrote in its July 11 edition.

Callaway shares, which closed on Friday at $6.58 on the New York Stock Exchange, below their $8 book value, already reflect the golf ball and club maker's problems, the financial weekly wrote.

A management overhaul, golf's improving fortunes and cost cutting measures should help Callaway shares rise above their current "fire-sale" levels, according to Barron's. (Reporting by Phil Wahba, editing by Maureen Bavdek)

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