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Topgolf Callaway Brands (MODG)
NYSE:MODG
MODG Analyst Ratings
Moderate Buy
5 Buy
6 Hold
0 Sell
TipRanks enables you to focus on the analyst rating consensus of all analysts or only the top performers in the past 3 months
MODG Stock 12 Month Forecast
Average Price Target
$11.56
▼(-0.60% Downside)
| Highest Price Target$14.00 | Average Price Target$11.56 | Lowest Price Target$10.00 |
The highest, average, and lowest price target of all analysts. Click on ‘Top Analysts’ to focus on the best performers.
Detailed List of Analyst Forecasts
Detailed List of Analyst Forecasts
UBS
$10→$11
Hold
-5.42%
Downside
Reiterated
11/21/25
Hold Rating for Topgolf Callaway Brands Amid Strategic Stake Sale and Core Business ChallengesMODG sells 60% of interest in Topgolf to PE MODG is selling 60% of Topgolf to PE firm the transaction valued at $1.1B. MODG is receiving $770M in net proceeds after minimal tax leakage and transaction fees, with 60% of $1.1B at $660M of proceeds plus 40% of debt that Topgolf is raising. Combined with roughly $1.4B of lease financing obligations that will leave MODG’s balance sheet, we calculate the sold entity could be roughly 5.6x levered, with slightly higher leverage if we were to include dis-synergies. Adjusting Topgolf’s EBITDA for financed lease expenses of around $114M, and looking at $1.1B of transaction value would imply Leonard Green is paying 6x EBITDA (and implied 9x if we include landlord financing obligations as part of debt leaving MODG balance sheet).
Roth MKM
$14
Buy
20.38%
Upside
Reiterated
11/19/25
Texas Capital Securities
$12
Buy
3.18%
Upside
Reiterated
11/19/25
Morgan Stanley
$11
Hold
-5.42%
Downside
Reiterated
11/18/25
Hold Rating Maintained for Topgolf Callaway Brands Amid Partial Separation and Valuation ConcernsWe believe the discount reflects MODG’s continued involvement in Topgolf going forward, as opposed to the clean separation that was expected. While Topgolf’s SVS, operating profitability and cash flows have improved in recent quarters, the business still carries a substantial liability load: $1.3bn in ‘deemed lease financing’ obligations, $1.4bn in operating leases, and $0.3bn in financing leases, as of the end of 3Q25. While these liabilities will no longer be consolidated in RemainCo’s balance sheet once the transaction is completed (and we understand that Topgolf creditors would have, in principle, no direct legal recourse against RemainCo), RemainCo's continued ownership of a ~40% equity stake in Topgolf keeps a significant link between both businesses.
Jefferies
$11
Buy
-5.42%
Downside
Reiterated
11/18/25
Strategic Stake Sale and Rebranding Drive Buy Rating for Topgolf Callaway BrandsWe view the announced deal as positive. While MODG is retaining a 40% stake rather than executing a full separation, the structure still delivers meaningful benefits: $770M in net proceeds provides ample flexibility to pay down debt, reinvest in core brands, and return capital to shareholders. Importantly, the move accelerates MODG’s pivot back to its core Lifestyle platform where demographic tailwinds and industry consolidation support pricing power and growth. The rebrand to and ticker change to CALY further reinforce strategic clarity. The valuation at $1.1B aligns with prior SOTP assumptions and underscores the strength of the Topgolf asset.
Truist Financial
―
Buy
―
Reiterated
11/17/25
Compass Point
$10.5→$13
Buy
11.78%
Upside
Reiterated
11/13/25
J.P. Morgan
$10
Hold
-14.02%
Downside
Reiterated
11/11/25
B. Riley Securities
$9.5→$11
Hold
-5.42%
Downside
Reiterated
11/10/25
Bank of America Securities
$11
Hold
-5.42%
Downside
Reiterated
11/07/25
Cautious Hold Rating for Topgolf Callaway Brands Amid Sales Improvement and Structural UncertaintyWe raise our C25 SVS sales estimate to -5.3% (from -6.3%) driven by improvement of SVS outlook from the rollout of more value-oriented initiatives. We also raise our C25 EBITDA est. to $512mn (from $469mn) on strength in both Topgolf and core Golf Equipment revenue.
KeyBanc
―
Hold
―
Reiterated
11/07/25
CFRA
$7→$9
Hold
-22.61%
Downside
Reiterated
07/11/25
Analyst Type
Any
Ranks
Any
Analyst Rating
Any
Upside/ Downside
Any
Action
Any
UBS
$10→$11
Hold
-5.42%
Downside
Reiterated
11/21/25
Hold Rating for Topgolf Callaway Brands Amid Strategic Stake Sale and Core Business ChallengesMODG sells 60% of interest in Topgolf to PE MODG is selling 60% of Topgolf to PE firm the transaction valued at $1.1B. MODG is receiving $770M in net proceeds after minimal tax leakage and transaction fees, with 60% of $1.1B at $660M of proceeds plus 40% of debt that Topgolf is raising. Combined with roughly $1.4B of lease financing obligations that will leave MODG’s balance sheet, we calculate the sold entity could be roughly 5.6x levered, with slightly higher leverage if we were to include dis-synergies. Adjusting Topgolf’s EBITDA for financed lease expenses of around $114M, and looking at $1.1B of transaction value would imply Leonard Green is paying 6x EBITDA (and implied 9x if we include landlord financing obligations as part of debt leaving MODG balance sheet).
Roth MKM
$14
Buy
20.38%
Upside
Reiterated
11/19/25
Texas Capital Securities
$12
Buy
3.18%
Upside
Reiterated
11/19/25
Morgan Stanley
$11
Hold
-5.42%
Downside
Reiterated
11/18/25
Hold Rating Maintained for Topgolf Callaway Brands Amid Partial Separation and Valuation ConcernsWe believe the discount reflects MODG’s continued involvement in Topgolf going forward, as opposed to the clean separation that was expected. While Topgolf’s SVS, operating profitability and cash flows have improved in recent quarters, the business still carries a substantial liability load: $1.3bn in ‘deemed lease financing’ obligations, $1.4bn in operating leases, and $0.3bn in financing leases, as of the end of 3Q25. While these liabilities will no longer be consolidated in RemainCo’s balance sheet once the transaction is completed (and we understand that Topgolf creditors would have, in principle, no direct legal recourse against RemainCo), RemainCo's continued ownership of a ~40% equity stake in Topgolf keeps a significant link between both businesses.
Jefferies
$11
Buy
-5.42%
Downside
Reiterated
11/18/25
Strategic Stake Sale and Rebranding Drive Buy Rating for Topgolf Callaway BrandsWe view the announced deal as positive. While MODG is retaining a 40% stake rather than executing a full separation, the structure still delivers meaningful benefits: $770M in net proceeds provides ample flexibility to pay down debt, reinvest in core brands, and return capital to shareholders. Importantly, the move accelerates MODG’s pivot back to its core Lifestyle platform where demographic tailwinds and industry consolidation support pricing power and growth. The rebrand to and ticker change to CALY further reinforce strategic clarity. The valuation at $1.1B aligns with prior SOTP assumptions and underscores the strength of the Topgolf asset.
Truist Financial
―
Buy
―
Reiterated
11/17/25
Compass Point
$10.5→$13
Buy
11.78%
Upside
Reiterated
11/13/25
J.P. Morgan
$10
Hold
-14.02%
Downside
Reiterated
11/11/25
B. Riley Securities
$9.5→$11
Hold
-5.42%
Downside
Reiterated
11/10/25
Bank of America Securities
$11
Hold
-5.42%
Downside
Reiterated
11/07/25
Cautious Hold Rating for Topgolf Callaway Brands Amid Sales Improvement and Structural UncertaintyWe raise our C25 SVS sales estimate to -5.3% (from -6.3%) driven by improvement of SVS outlook from the rollout of more value-oriented initiatives. We also raise our C25 EBITDA est. to $512mn (from $469mn) on strength in both Topgolf and core Golf Equipment revenue.
KeyBanc
―
Hold
―
Reiterated
11/07/25
CFRA
$7→$9
Hold
-22.61%
Downside
Reiterated
07/11/25
Best Analysts Covering Topgolf Callaway Brands
1 Month
xxx
Success Rate
17/26 ratings generated profit
Average Return
+3.10%
reiterated a xxx
rating 29 days ago
Copying xxxxxxxxxxxxxxxxxx
trades and holding each position for 1 Month would result in 65.38% of your transactions generating a profit, with an average return of +3.10% per trade.
3 Months
xxx
Success Rate
15/25 ratings generated profit
Average Return
+6.24%
reiterated a xxx
rating 23 days ago
Copying xxxxxxxxxxxxxxxxxx
trades and holding each position for 3 Months would result in 60.00% of your transactions generating a profit, with an average return of +6.24% per trade.
1 Year
Success Rate
16/25 ratings generated profit
Average Return
+14.33%
reiterated a buy rating 23 days ago
Copying George Kelly's trades and holding each position for 1 Year would result in 64.00% of your transactions generating a profit, with an average return of +14.33% per trade.
2 Years
xxx
Success Rate
16/25 ratings generated profit
Average Return
+19.08%
reiterated a xxx
rating 23 days ago
Copying xxxxxxxxxxxxxxxxxx
trades and holding each position for 2 Years would result in 64.00% of your transactions generating a profit, with an average return of +19.08% per trade.
The Best Analyst Covering tool allows you to follow the analysts who have the best success rates and average returns on a specific stock. Only analysts that gave a Buy or Sell rating on the stock in the past 12 months are eligible for inclusion in this tool. Follow the analysts of your choice to receive real-time updates when they publish a new rating.
MODG Analyst Recommendation Trends
Rating
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Strong Buy
1
1
1
0
0
Buy
1
2
3
11
10
Hold
17
17
16
15
14
Sell
0
0
0
0
0
Strong Sell
0
0
0
0
0
total
19
20
20
26
24
Each month's total comprises the sum of three months' worth of ratings.
MODG Financial Forecast
MODG Stock Forecast FAQ
What is MODG’s average 12-month price target, according to analysts?
Based on analyst ratings, Topgolf Callaway Brands’s 12-month average price target is 11.56.
What is MODG’s upside potential, based on the analysts’ average price target?
Currently there's no upside potential for MODG, based on the analysts’ average price target.
Can I see which stocks the top-ranking analysts are rating?
Yes, go to the Analysts’ Top Stocks tool to see stocks with a Strong Buy or Strong Sell analyst rating consensus, according to the top performers.
How can I follow the stock ratings of top Wall Street analysts?
Head over to our Expert Center to see a list of the top 100 Wall Street analysts and follow the analysts of your choice. Visit their profiles for more details about their stock ratings and see how they perform on a stock-by-stock basis.
Is MODG a Buy, Sell or Hold?
Topgolf Callaway Brands has a consensus rating of Moderate Buy which is based on 5 buy ratings, 6 hold ratings and 0 sell ratings.
What is Topgolf Callaway Brands’s price target?
The average price target for Topgolf Callaway Brands is 11.56. This is based on 11 Wall Streets Analysts 12-month price targets, issued in the past 3 months.
The highest analyst price target is $14.00 ,the lowest forecast is $10.00. The average price target represents -0.60% Decrease from the current price of $11.63.
The highest analyst price target is $14.00 ,the lowest forecast is $10.00. The average price target represents -0.60% Decrease from the current price of $11.63.
What do analysts say about Topgolf Callaway Brands?
Topgolf Callaway Brands’s analyst rating consensus is a Moderate Buy. This is based on the ratings of 11 Wall Streets Analysts.
How can I buy shares of MODG?
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