Topgolf Callaway price target lowered to $21 from $28 at Compass Point

Compass Point analyst Casey Alexander lowered the firm’s price target on Topgolf Callaway to $21 from $28 and keeps a Buy rating on the shares. The firm revised its Q4 and 2024 estimates down after reviewing Q3 results and the change in guidance, but when it uses its most conservative inputs for a sum-of-the-parts calculation it arrives at “a bare-bones SOTP valuation” of $17.41 and then raises the question as to “whether an activist investor may find the MODG situation interesting enough to get involved.”