BofA analyst Alexander Perry lowered the firm’s price target on Topgolf Callaway (MODG) to $10 from $12 and keeps a Neutral rating on the shares. Following the Q3 report, the firm lowered its Q4 adjusted EBITDA view to reflect a cut to its Topgolf same-venue sales forecast and a reduction in its golf equipment revenue view, adding that its lower revenue outlook is partially offset by better product gross margins in golf equipment in Q4.
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