Shares of Callaway Golf Co. shot up 7.8% toward a near 11-year high in morning trade Friday, after the golf-gear maker beat first-quarter profit and sales expectations by wide margins. The stock is headed toward the highest close since July 18, 2007. Of the 12 analysts surveyed by FactSet, 7 raised price targets after the results, lifting the average target to $19.32, which is 6.7% above current levels. KeyBanc Capital analyst Brett Andress raised his price target to $21 from $17, saying the "considerable early season traction at retail" is very likely to be sustained in the coming months. J.P. Morgan's Steven Zaccone bumped up his target to $20 from $19, saying he was encouraged by the strength of Rogue club sales and the U.S. golf market's growth of 9.5% the past year. The stock has run up 52.5% the past 12 months, while the S&P 500 has gained 11.5%.