Topgolf Callaway price target lowered to $11 from $16 at Roth MKM

Roth MKM analyst George Kelly lowered the firm’s price target on Topgolf Callaway (MODG) to $11 from $16 but keeps a Buy rating on the shares. The company’s Q4 results outperformed expectations, but 2025 guidance was below the firm’s estimates on FX, tariffs, fires/weather, reporting changes, and still-sluggish Topgolf comps, the analyst tells investors in a research note. Despite these challenges however, many of which have “admittedly lasted longer than anticipated”, Roth remains at Buy as it continues to see value in the planned Topgolf separation for the company, the firm added.