Zacks Research Downgrades Topgolf Callaway Brands (NYSE:CALY) to Hold

Key Points

• Zacks Research downgraded Topgolf Callaway Brands from “strong buy” to “hold,” while analysts overall maintain a consensus “hold” rating and an average price target of $20.00.
• Other analysts remain mixed: Truist and B. Riley reiterated “buy” ratings with price targets of $19 and $23, respectively, while Goldman Sachs kept a “neutral” rating with a $19 target.
• Shares opened at $17.62 and were up 1.4%; the company recently reported quarterly EPS of $0.39, exceeding estimates of $0.35, although revenue fell 44.9% year over year to $612.2 million.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. Truist Financial boosted their price objective on Topgolf Callaway Brands to $19.00 and gave the company a "buy" rating in a research report on Monday, June 15th. Weiss Ratings raised shares of Topgolf Callaway Brands from a "sell (d-)" rating to a "hold (c-)" rating in a report on Tuesday, May 12th. The Goldman Sachs Group upped their price target on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Wednesday. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, B. Riley Financial restated a "buy" rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $20.00.

Topgolf Callaway Brands Trading Up 1.4%

Shares of NYSE:CALY opened at $17.62 on Thursday. The company has a market cap of $3.14 billion, a P/E ratio of 40.97 and a beta of 0.93. Topgolf Callaway Brands has a fifty-two week low of $8.00 and a fifty-two week high of $20.28. The firm's 50-day simple moving average is $17.86.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.04. The firm had revenue of $612.20 million for the quarter. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. Topgolf Callaway Brands's quarterly revenue was down 44.9% compared to the same quarter last year. As a group, analysts expect that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc NYSE: MODG is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.

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