Topgolf Callaway price target lowered to $10 from $13 at TD Cowen

TD Cowen analyst John Kernan lowered the firm’s price target on Topgolf Callaway to $10 from $13 and keeps a Hold rating on the shares. The firm said its sum of the parts has a wide range of outcomes while noting Topgolf’s return on capital is low relative to high Capex and Landlord financing requirements. Cowen acknowledged activists and private equity involvement could be a catalyst and they can’t rule out management changes and Board of Director changes following the Topgolf acquisition.