BofA raised the firm’s price target on Topgolf Callaway (MODG) to $14 from $13 and keeps a Neutral rating on the shares after the company announced plans to separate Callaway and Topgolf into two independent, public companies in a spin the company looks to have complete by the second half of 2025. The firm is raising its price target based on an EV multiple of 8-9-times its calendar year 2025 adjusted EBITDA forecast of $617M to better align with key leisure peers Acushnet Holdings (GOLF), Bowlero (BOWL) and Dave & Buster’s (PLAY), the analyst tells investors.
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Read More on MODG:
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