Roth MKM analyst George Kelly lowered the firm’s price target on Topgolf Callaway (MODG) to $16 from $17 and keeps a Buy rating on the shares. The company’s Q3 marked “another messy quarter” as Topgolf navigates a strategic review process and a challenging operating environment, though the firm continues to see “significant upside” on a sum-of-the-parts basis, the analyst tells investors in a research note. Topgolf still expects 7 new units in 2024 and now expects to open 5 units in 2025, reflecting a more conservative approach to free cash flow management, the firm added.
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