Valspar Championship: Sungjae Im rallies late to hold one-shot lead over David Lipsky

Returning from a wrist injury that had seen him miss two consecutive cuts, Im carded a two-under 69 to reach nine under par overall. On a firm and fast Copperhead Course at Innisbrook, that left him narrowly ahead of Lipsky.

Im's round got off to a shaky start, with three bogeys and two birdies contributing to a front-nine 37. However, he recovered impressively after the turn, picking up shots at the par-five 11th and par-four 12th before draining a seven-foot birdie putt on the par-three 17th to take the outright lead.

The 27-year-old South Korean, already a two-time PGA Tour winner thanks to victories at the 2020 Honda Classic and the 2021 Shriners Children's Open, showed resilience down the stretch.

Lipsky, still chasing a maiden PGA Tour title, fired a 65 after starting in the day's opening group. He came out quickly with birdies on his first two holes and four of his opening six, added further gains on 10 and 11, and then played the final seven holes in par.

"It was excellent. I did everything well," Lipsky said. "Missed it in the right spots, holed the putts early on to get some momentum going. That finishing stretch is obviously tough, so able to save a couple pars down on 16 and 18 and really kept the round going."

Chandler Blanchet and Doug Ghim sit tied at seven under. Blanchet posted a 66 despite a closing bogey, while Ghim signed for a 67 that included an eagle on the par-five 11th, offset by dropped shots on the 15th and 16th.

Brandt Snedeker slipped back to five under following a 72. The 45-year-old, who is captaining the US Presidents Cup team, is in the field on a sponsor exemption.

England's Matt Fitzpatrick, runner-up at last week's Players Championship, is also at five under alongside Jordan Smith and Marco Penge.

Brooks Koepka, making his return to Innisbrook, moved into a share of 10th at four under after a 67, though he will rue a missed three-foot birdie chance at his final hole.

Meanwhile, defending champion Viktor Hovland exited early, missing the cut after rounds of 70 and 75.