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.
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