Topgolf Callaway price target lowered to $26 from $33 at Stephens

Stephens lowered the firm’s price target on Topgolf Callaway to $26 from $33 and keeps an Overweight rating on the shares. The firm noted that Topgolf Callaway beat Q2 adjusted EBITDA estimates, though the quarter was highlighted by softer Topgolf same-venue sales. The core golf business remains stable, with golf ball sales materially outperforming, and the apparel outlook for H2 is largely unchanged, the analyst tells investors in a research note.