Acushnet Holdings assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Megan Alexander assumed coverage of Acushnet Holdings with an Equal Weight rating and $59 price target. The company is well positioned to navigate an uncertain consumer backdrop with “heritage” premium brands, leading market share, low leverage, and a highly cash generative model, the analyst tells investors in a research note. However, the firm says Acushnet ‘s valuation is elevated with normalized earnings power “still a question.”