Tiger Woods celebrates his two stroke victory on the 18th hole green during the final round of the TOUR Championship, the final event of the FedExCup Playoffs, at East Lake Golf Club on September 23, 2018 in Atlanta, Georgia.

A series of factors, including Tiger Woods' return to golf prominence, will lift shares of club maker Callaway Golf, an analyst at J.P. Morgan predicted Thursday.

Analyst Steven Zaccone said in a note that Callaway's management team sees the golf market improving on a "multi-year basis" amid "rising interest in the game (i.e. higher PGA Tour viewership with Tiger's return carrying into 2019)."

Zaccone hiked his price target on Callaway shares to $27 from $25, implying a 14 percent upside from Wednesday's close of $23.69. The stock traded around $24.30, up 2.5 percent.

Woods — who is sponsored by Callaway rival Taylormade — notched his first PGA Tour win in five years on Sunday. The golf legend had not won a PGA Tour event since 2013 as injuries and problems in his personal life took a toll on his game.

His win led to a surge in viewership. Sunday's final round was the highest-rated televised event of the Tour this year, excluding major tournaments. The event's overnight rating hit 5.21, a 206 percent year-over-year increase.

J.P. Morgan's Zaccone said interest in golf should also increase "with the proliferation of off-course activities, such as Topgolf and indoor screen golf," which expand "the game's demographic reach."

Zaccone added higher average selling prices and a healthy consumer backdrop should also lift Callaway shares as the company builds on its "sustainable competitive advantages."

"Callaway is the market leader in hard goods (clubs + balls) with 26% market share in the US as of July, up from 14% in 2012 … but management still sees opportunity for incremental share gains across the entire portfolio," Zaccone noted.