Compass Point lowered the firm’s price target on Topgolf Callaway (MODG) to $13.50 from $17 and keeps a Buy rating on the shares. The firm, which now estimates Topgolf will have a 5% long-term growth rate, is reducing its multiple target to equal that expected growth rate, while also reducing its multiple for the Callaway golf equipment and Active Lifestyle business to 12-times EV/EBITDA.
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