KeyBanc lowered the firm’s price target on Topgolf Callaway to $18 from $20 and keeps an Overweight rating on the shares. The firm notes the company reported stronger than expected Q4 results with the FY24 guide bracketing consensus, though forward quarter guidance was softer than consensus as the business faces headwinds in Q1. KeyBanc continues to favor golf’s unique positioning as the industry remains healthy, and views Topgolf Callaway as a compelling lon-term growth story via the growing Topgolf business.
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