Callaway Golf last night filed a slide deck ahead of this week's investor roadshow, and the change in language around TopGolf was noteworthy, Stephens analyst Daniel Imbro tells investors in a research note. Previously, management's commentary suggested that TopGolf was complementary to the long-term business and additional investment could be a use of strengthening free cash flow, says the analyst. However, commentary in the current slides removed that wording and suggests that Callaway could create value through a monetization effort, contends Imbro. He believes the one-shift "could indicate a potentially expedited timeline." The analyst's sum-oft-he-parts valuation "conservatively" assumes that Callaway's ~14% ownership in TopGolf is worth $3 per share, based on the $290M valuation in the December 2017 funding round. He reiterates an Overweight rating on Callaway Golf shares with a $21.50 price target.