Topgolf Callaway price target lowered to $12 from $14 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Topgolf Callaway (MODG) to $12 from $14 and keeps a Neutral rating on the shares. The company’s Q3 revenue and adjusted EBITDA topped estimates, but the management reduced its guidance, reflecting a shift in timing of shipments between Q3 and Q4 along with a slower than expected consumer activity in Q3, the analyst tells investors in a research note. Same-venue-sales for Topgolf also decelerated sequentially in Q3 both on a 1 and 2 year stack, driven more by 3+ Bay versus 1-2 Bay, though both segments also decelerated sequentially, Goldman added.