Topgolf Callaway price target lowered to $10 from $11 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Topgolf Callaway to $10 from $11 and keeps an Underweight rating on the shares. The significant cut to the FY24 guidance was “much worse than we had anticipated,” says the analyst, who calls the possibility of a TopGolf spin “a surprise” that may support the stock in the near-term, but maintains that “the viability is unclear.”