Topgolf Callaway price target raised to $12 from $10 at Truist

Truist raised the firm’s price target on Topgolf Callaway (MODG) to $12 from $10 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 for Golf product names. The quarter’s trends suggest a healthy U.S. golf consumer both in terms of rounds played and equipment data, albeit aided by what is seen as continued affluent discretionary spend patterns more broadly in the economy, the analyst tells investors in a research note. The firm also lowers its EBITDA multiple for the company to 8.5-times from 9.0-times while rolling forward its valuation model to 2026 from 2025.