Investors should buy the dip on Topgolf Callaway , according to Bank of America.
Analyst Alexander Perry reiterated his buy rating on the stock and a price target of $22 per share.
MODG mountain 2023-09-22 Tough week for MODG The fire raised concern over the global supply of golf balls, which put pressure on Topgolf shares.
"Also, the fire should not meaningfully impact Topgolf range ball supply or venue openings given "current inventory levels and alternate supply sources."
To be sure, Topgolf shares were struggling even before the fire.
Persons:
Topgolf Callaway, Alexander Perry, Topgolf, Perry, MODG, — CNBC's Michael Bloom
Organizations:
Bank of America, Launch Technologies, Callaway
Locations:
Thursday's, Taiwan, Chicopee