Topgolf Callaway price target lowered to $26 from $32 at BofA

BofA lowered the firm’s price target on Topgolf Callaway to $26 from $32 and keeps a Buy rating on the shares after the company reported better-than-expected Q2 adjusted EBITDA. The firm’s lower target reflects a lower multiple applied to a higher 2024 adjusted EBITDA estimate to reflect Topgolf same-venue sales deceleration, but it keeps a Buy rating on shares given strong unit growth, improving venue margins and a stable golf-equipment business.