Topgolf Callaway price target lowered to $18 from $25 at Truist

Truist lowered the firm’s price target on Topgolf Callaway to $18 from $25 but keeps a Buy rating on the shares. The company reported a “disappointing” Q3 earnings print and cut its FY23 guidance, though the management’s near-term efforts to prioritize cash/debt reduction and more sober commentary around Topgolf could be a “needed elixir” for the stock, the analyst tells investors in a research note.