Stephens notes that Tiger Woods and TaylorMade officially launched Sun Day Red, a new footwear, apparel and golf gear brand releasing May 1 that will represent incremental competition for both Acushnet’s (GOLF) FootJoy apparel and Topgolf Callaway’s (MODG) TravisMathew brand. Sun Day Red will be direct-to-consumer first and U.S. centric, but plans to expand into overseas markets soon, notes the analyst, who adds that pricing has not been released, but commentary around the press event suggested a more premium price point and materials. The firm has Equal Weight ratings on Topgolf Callaway and Acushnet Holdings.
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