JPMorgan downgraded Topgolf Callaway to Neutral from Overweight with a price target of $13, down from $23. The “down modestly” traffic vs. 2019 in Q3 represents a sequential deterioration relative to Q1 traffic being up 3% vs. 2019 and Q2 being down 1% vs. 2019 by the firm’s estimates, the analyst tells investors. The firm’s FY24 model now embeds negative 2.8% same-venue-sales, which translates to FY24 EBIT about 25% below consensus and FY24 EPS of 23c that is 70% below consensus, the analyst tells investors in a post-earnings note.
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