TOPGOLF CALLAWAY BRANDS ANNOUNCES THIRD QUARTER 2023 RESULTS

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JPMorgan Downgrades Topgolf Callaway Brands (MODG) to Neutral

November 9, 2023 8:13 AM EST

JPMorgan analyst Kevin Heenan downgraded Topgolf Callaway Brands (NYSE: MODG) from Overweight to Neutral with a price target of $13.00 (from $23.00).

The analyst comments "We are downgrading shares of MODG to Neutral with $13 Dec 24 price target based on 7.5x our FY25 EBITDA (w/ underlying EBIT dollars now modeled >30% below Consensus). By the numbers, our FY24 model now embeds negative 2.8% same-venue-sales (= +1.1% 4Q exit rate CAGR vs. 2019 roll forward holding... More