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.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MODG:
- Topgolf Callaway price target lowered to $16 from $17 at Roth MKM
- Topgolf Callaway price target lowered to $12 from $14 at Goldman Sachs
- Topgolf Callaway price target lowered to $14 from $16 at Truist
- Topgolf Callaway price target lowered to $11 from $13 at JPMorgan
- Topgolf Callaway Brands Exceeds Q3 Expectations