KeyBanc lowered the firm’s price target on Topgolf Callaway to $20 from $27 and keeps an Overweight rating on the shares. The firm notes Topgolf Callaway reported another mixed quarter, with forward quarter guidance below expectations. KeyBanc expects this, coupled with Topgolf Callaway pushing out its 2025 adjusted EBITDA target to 2026, to fuel further investor frustration near-term. That being said, the firm continues to favor golf’s unique positioning as the industry remains healthy, and while near-term TG challenges cloud the outlook, it views Topgolf Callaway as a compelling long-term growth story via the moated TG business.
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