8.86%C 6.45 22.20%F 2.55 5.20%
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NEW YORK - Golfsmith International shares rose on Wednesday, a day after the company made its interim chief executive permanent.
| GOLF | 1 |  -0.01 |
On Tuesday, the company, which sells golf gear and operates a golf school, said Martin Hanaka will become CEO. He had been interim CEO since January, when James Thompson resigned.
On Wednesday, shares rose 9 cents, or 4.1 percent, to $2.33 during midday trading. The stock has traded between $1.65 and $8.25 during the past 52 weeks.
Lazard Capital Markets analyst Todd Slater called the announcement a "hole-in-one."
"There are few people as uniquely qualified as Hanaka to take the Golfsmith brand to the next level, in our view," Slater wrote in a client note on Wednesday.
Hanaka's previous experience as an executive at retailers Staples and Sports Authority will be put to good use at Golfsmith, Slater said.
"Hanaka had already the laid the groundwork for meaningful margin recovery in a challenging top-line environment," at Golfsmith, Slater said.
He affirmed his "Buy" rating and $8 price target.
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