Topgolf Callaway price target lowered to $9 from $10 at BofA

BofA lowered the firm’s price target on Topgolf Callaway (MODG) to $9 from $10 and keeps a Neutral rating on the shares after having attended the PGA Show in Orlando. Topgolf Callaway essentially has no manufacturing exposure in China for U.S. products, but does have a primary golf club assembly operation in Mexico that would be affected from potential tariffs, notes the analyst, who expects more color on tariff exposure and mitigation with Q4 earnings. The firm lowered its multiple to reflect potential share headwinds in a competitive launch year.