B. Riley took over coverage of Topgolf Callaway (MODG) with a Neutral rating and $7 price target The firm views the planned separation of Topgolf from the core business positively, as it sees the incremental model complexity and mixed strategic focus as outweighing the positive synergistic opportunity. However, given the uncertainty surrounding the transaction, the shares will remain range-bound as investors await greater clarity on the ultimate structure of the separation, the analyst tells investors in a research note.
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