Topgolf Callaway price target lowered to $21 from $31 at B. Riley

B. Riley lowered the firm’s price target on Topgolf Callaway to $21 from $31 and keeps a Buy rating on the shares. The company’s’ Q3 results that came in mixed versus expectations with management confirming recent weakness with a handful of demand segments for the Topgolf venues, the analyst tells investors in a research note. However, the firm e come away optimistic that underlying traditional golf equipment and apparel demand has remained resilient. It believes the Topgolf weakness can be addressed through new pricing strategies and an operational focus.