Bank of America Securities analyst Alexander Perry has reiterated their neutral stance on MODG stock, giving a Hold rating on November 8.
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Alexander Perry’s rating is based on the performance of Topgolf Callaway Brands, which has shown improvement in its same venue sales, exceeding market expectations. Despite this positive trend, there remains uncertainty regarding the sustainability of these sales improvements, particularly due to ongoing challenges in Topgolf’s corporate events segment.
Furthermore, while the company has raised its earnings estimates for the coming year, the potential spin-off of Topgolf is not expected until 2026, adding an element of uncertainty to the company’s future structure. The combination of these factors, including the recent departure of Topgolf’s CEO, has led to a cautious approach, resulting in a Hold rating with a slightly increased price objective.
In another report released on November 8, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $11.00 price target.
MODG’s price has also changed dramatically for the past six months – from $6.970 to $10.600, which is a 52.08% increase.