Topgolf Callaway price target lowered to $7 from $12 at Truist

Truist analyst Michael Swartz lowered the firm’s price target on Topgolf Callaway (MODG) to $7 from $12 and keeps a Buy rating on the shares as part of a broader research note on Leisure Products, Leisure Facilities, and Recreational Vehicles. The firm notes that given the ongoing tariff and macro uncertainty, the Recreation & Leisure space is likely to remain volatile in the near term, though the recent selloff appears to have largely discounted potential tariff risks, the analyst tells investors in a research note. Truist adds however that there could be further downside to the group of as much as 20%-30% in the event of a deeper consumer downturn.