Truist analyst Michael Swartz raised the firm’s price target on Topgolf Callaway to $20 from $18 and keeps a Buy rating on the shares ahead of its Q1 results. The firm is citing expectations of Topgolf SVS upside, along with its “stable/healthy” U.S. golf retail reads in early FY24, with Truist Card data suggesting an inflection in SVS, beginning mid-Q1 that has carried into April. Truist adds that it expects expect the company’s Q1 print to serve as a “needed positive catalyst” for Topgolf Callaway shares.
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