Goldman Sachs lowered the firm’s price target on Topgolf Callaway to $13 from $20 and keeps a Neutral rating on the shares. The analyst cites the company’s FY23 guidance cut and pushed out guidance for long term adjusted EBITDA target to $2026 from 2025 due to adverse FX rates. Topgolf management also plans to trial promotions on Wednesdays and Thursdays similar to Tuesdays half-price promotion in order to improve traffic trends, without compromising weekend traffic, and expects improving margins to help absorb promotions over time, the firm tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MODG:
- Topgolf Callaway falls -14.1%
- Tesla initiated, Kellanova upgraded: Wall Street’s top analyst calls
- Topgolf Callaway price target lowered to $18 from $25 at Truist
- Topgolf Callaway price target lowered to $21 from $31 at B. Riley
- Topgolf Callaway cut to Neutral at JPMorgan on pricing and traffic headwinds