Topgolf Callaway price target lowered to $14 from $16 at Truist

Truist analyst Michael Swartz lowered the firm’s price target on Topgolf Callaway (MODG) to $14 from $16 but keeps a Buy rating on the shares. The company’s Q3 result saw a “surprisingly strong” print, but its FY24 guidance was cut, the analyst tells investors in a research note. TopGolf is not yet out of the woods, and it will take a return to same-venue-sales growth for the stock to move meaningfully higher, but the Q3 print and earnings call commentary were certainly a “baby step” in the right direction, Truist adds.