B. Riley raised the firm’s price target on Topgolf Callaway (MODG) to $11 from $9.50 and keeps a Neutral rating on the shares. Topgolf Callaway reported Q3 results showing a notable turnaround in Topgolf same-venue sales, which rose 1%, the first positive reading since 2Q23, while maintaining flat venue EBITDA margins, the analyst tells investors in a research note. Underlying golf fundamentals remain constructive, with off-course distribution showing no significant headwinds from retailer caution, the firm says.
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- Cautious Hold Rating for Topgolf Callaway Brands Amid Sales Improvement and Structural Uncertainty
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