Morgan Stanley analyst Simeon Gutman upgraded Topgolf Callaway (MODG) to Equal Weight from Underweight with a price target of $9.50, up from $6, as the analyst took over coverage of the stock. The analyst views Topgolf Callaway as a premier golf equipment and active lifestyle franchise clouded by high leverage and underperformance at TopGolf and believes the market is ascribing “negative or no value to TopGolf at present.” However, a successful separation should unlock value in the “core” franchise, the analyst argues.
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