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Fly News Breaks for October 9, 2019
ELY
Oct 9, 2019 | 08:53 EDT
B. Riley FBR analyst Susan Anderson believes an initial public offering of Topgolf could be positive for Callaway Golf given its 14% stake. Callaway's stake is now worth "significantly more" than the ~$3 per share cited back in 2017 when the company valued its stake at $290M, Anderson tells investors in a research note. Given Topgolf's growth, the analyst believes its valuation has increased to at least ~$3.3B, which would contribute $6 per share to Callaway. She reiterates a Buy rating on Callaway Golf with a $30 price target.
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