Raymond James double downgraded Topgolf Callaway to Underperform from Outperform without a price target. The analyst applauds management’s openness to a potential spinoff of the business, but says the company’s levered balance sheet “appears to limit its opportunities.” The firm cites the recent deterioration in sales at the Topgolf chain for the downgrade. Topgolf Callaway shares are down 3% to $10.99 in premarket trading.
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