Topgolf Callaway price target lowered to $14 from $15 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Topgolf Callaway to $14 from $15 and keeps a Neutral rating on the shares. The firm cites the company’s Q2 revenue miss and reduced FY24 guidance, reflecting expectations for a potentially softer consumer environment across the business, the analyst tells investors in a research note. Goldman added that while the firm was encouraged by market share gains in the Golf Equipment and Active Lifestyle segments, the company also saw lower-than-anticipated same venue sales at Topgolf in Q2, and it sees the overall macro environment to result in ongoing muted demand in FY24.