Acushnet Holdings downgraded to Hold from Buy at Jefferies

Jefferies downgraded Acushnet Holdings to Hold from Buy with a price target of $75, down from $86. The firm continues to recognize Acushnet as a “high-quality golf asset with strong leadership and consistent financial performance,” but says the challenge is maintaining momentum against “record-breaking” participation while the latest data is suggesting a deceleration in growth year-to-date. The firm thinks a return to more normalized growth will see the stock’s valuation settle back to 13-times earnings. National rounds of golf played declined by 1.4% in July, following a modest increase of 1.2% in June and a slight drop of 0.8% in May, Jefferies points out.